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Oil on track for weekly rise on global supply concerns

By Bozorgmehr Sharafedin LONDON (Reuters) -Oil prices edged higher on Friday and were on track for weekly gains, supported by the prospect of a tight market due to rising gasoline...
Oil on track for weekly rise on global supply concerns © Reuters. FILE PHOTO: Technicians stand next to an oil rig at an Oil and Natural Gas Corp (ONGC) plant, during a media tour of the plant in Dhamasna village in the western state of Gujarat, India, August 26, 2021. REUTERS/Amit Dave

By Bozorgmehr Sharafedin

LONDON (Reuters) -Oil prices edged higher on Friday and were on track for weekly gains, supported by the prospect of a tight market due to rising gasoline consumption in the United States in summer, and also the possibility of an EU ban on Russian oil.

Brent crude was up 64 cents, or 0.6%, at $118.04 at 1338 GMT, and was on track for a gain of about 5% this week.

U.S. West Texas Intermediate (WTI) crude rose 11 cents, or 0.1%, to $114.20 a barrel. WTI is set for a weekly gain of 0.6%.

"Oil prices have risen to the highest level since end of March, benefiting from renewed declines in U.S. oil inventories," said UBS analyst Giovanni Staunovo.

U.S. gasoline stocks fell by 482,000 barrels last week to 219.7 million barrels, U.S. Energy Information Administration said on Wednesday. The start of summer driving season in the United States normally entails increased consumption.

"The U.S. driving season and strong travel demand should help (prices). With supply growth lagging demand growth, the oil market is likely to stay undersupplied. Hence, we remain positive in our outlook for crude prices," Staunovo added.

Both benchmark crude contracts were also supported as the European Commission continued to seek unanimous support of all 27 EU member states for its proposed new sanctions against Russia, with Hungary posing a stumbling block.

European Union countries are negotiating a deal on Russian oil sanctions that would embargo shipment deliveries but delay sanctions on oil delivered by pipeline to win over Hungary and other landlocked member states, officials said.

Hungary's resistance to oil sanctions - and the reluctance of a handful of other countries - has held up implementation of a sixth package of sanctions by the 27-member EU against Russia over its invasion of Ukraine.

"We believe that a sharp contraction in Russian oil exports could trigger a full-blown 1980s style oil crisis and push Brent well past $150 per barrel," Bank of America (NYSE:BAC) said in a note.

Oil prices jumped after the Iranian revolution in 1979 and a long war between Iran and Iraq (1980-88), although a global recession soon hindered fuel demand and oil prices dropped back.

Prices have gained about 50% so far this year.

OPEC and allies, a group known as OPEC+, is set to stick to last year's oil output deal at its June 2 meeting and raise July production targets by 432,000 barrels per day, six OPEC+ sources told Reuters. OPEC+ members would thereby rebuff Western calls for a faster increase to lower surging prices.

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29-03-2024 00:53:46 (UTC+7)

EUR/USD

1.0797

-0.0029 (-0.26%)

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Neutral

Moving Avg:

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EUR/USD

1.0797

-0.0029 (-0.26%)

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Neutral

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GBP/USD

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USD/JPY

151.38

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AUD/USD

0.6518

-0.0014 (-0.22%)

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USD/CAD

1.3536

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EUR/JPY

163.39

-0.36 (-0.22%)

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EUR/CHF

0.9731

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Gold Futures

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Silver Futures

24.973

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Copper Futures

4.0113

+0.0113 (+0.28%)

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Crude Oil WTI Futures

83.00

+1.65 (+2.03%)

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Brent Oil Futures

86.82

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1.743

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US Coffee C Futures

188.53

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Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

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S&P 500

5,251.63

+3.14 (+0.06%)

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DAX

18,504.51

+27.42 (+0.15%)

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FTSE 100

7,952.62

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16,541.42

+148.58 (+0.91%)

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US Small Cap 2000

2,123.20

+8.85 (+0.42%)

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IBEX 35

11,074.60

-36.70 (-0.33%)

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BASF SE NA O.N.

52.930

-0.320 (-0.60%)

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28.43

+0.01 (+0.04%)

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277.80

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Adidas AG

207.00

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Deutsche Lufthansa AG

7.281

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176.96

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14.582

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 EUR/USD1.0797Neutral
 GBP/USD1.2625Neutral
 USD/JPY151.38Neutral
 AUD/USD0.6518↑ Sell
 USD/CAD1.3536Neutral
 EUR/JPY163.39Sell
 EUR/CHF0.9731Neutral
 Gold2,241.85↑ Buy
 Silver24.973↑ Buy
 Copper4.0113↑ Buy
 Crude Oil WTI83.00↑ Buy
 Brent Oil86.82↑ Buy
 Natural Gas1.743↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,251.63↑ Buy
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,123.20↑ Sell
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
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Cập nhật lúc 18:53:18 28/03/2024
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