Sign up now for FREE unlimited access to Reuters.com Register
China extends lockdown to Shanghai The EU and the US are planning more sanctions on Russia for alleged war crimes The ILO is still debating how much oil it will release from reserves Upcoming – Weekly US oil inventory data from API and EIA
NEW YORK, April 5 (Reuters) – Oil prices stabilized in volatile trade on Tuesday as growing worries about the devastation of coronavirus demand offset supply concerns as the United States and Europe planned to impose new in Russia for alleged war crimes in Ukraine. Brent futures fell 47 cents, or 0.4%, to $ 107.06 a barrel at 11:31 a.m. EDT (1531 GMT). US crude West Texas Intermediate (WTI) fell 31 cents, or 0.3%, to $ 102.97. Chinese authorities have extended the lockdown in Shanghai to cover the mall’s 26 million people, despite growing anger over quarantine rules in the city. read more Sign up now for FREE unlimited access to Reuters.com Register Mizuho chief executive for futures contracts Robert Yawger said oil traders were also concerned about a report by the Johns Hopkins Coronavirus Resource Center that new US deaths from COVID-19 rose Monday, he said. , all-season high of 14,562. push total deaths in the US over 1 million since the onset of the pandemic. Johns Hopkins officials were not immediately available for comment. Yawger said the previous U.S. death toll was 4,442. The West is planning new sanctions against Russia for killing civilians in Ukraine. President Joe Biden’s national security adviser said new US sanctions would be announced this week. read more The European Union has also proposed sweeping new sanctions against Russia, including a ban on coal imports. read more German Foreign Minister Annalena Baerbock said the coal ban would be followed by oil and gas. Moscow, meanwhile, said Western allegations that Russian forces had committed war crimes by executing civilians in the Ukrainian city of Butsa were a “monstrous forgery” aimed at discrediting the Russian military. read more Britain has urged the Group of Seven (G7) and the North Atlantic Treaty Organization (NATO) to ban Russian ships from their ports and agree on a timetable for the phasing out of oil and gas imports from Russia. read more To calm oil prices, the allies agreed last week on a coordinated release of oil from strategic reserves for the second time in a month. Prices rose earlier on Tuesday after sources told Reuters that International Energy Agency (IEA) member states were still discussing how much oil they would release. read more Concerns about supply to several Oil Exporting Countries and their allies (OPEC +) have also supported prices. Iraq pumped 4.15 million barrels per day (bpd) of oil in March, 222,000 bpd less than its production quota under an agreement with other OPEC + producers. read more Russia, a member of OPEC +,’s daily oil and gas condensate production fell 4% in early April from March. read more Kazakhstan, another OPEC + producer, has cut its oil production forecast to 85.7 million tonnes this year from a previous target of 87.5 million tonnes following damage to Russia’s Caspian Pipeline Consortium. Oil prices could gain some support later on Tuesday if analysts’ forecasts are correct and U.S. crude stockpiles fell 3.0 million barrels last week. , The American Petroleum Institute (API), an industrial group, will release its inventory report at 4:30 p.m. ) on Wednesday. Sign up now for FREE unlimited access to Reuters.com Register Additional references by Bozorgmehr Sharafedin in London, Liz Hampton in Denver and Isabel Kua in Singapore. Edited by Marguerita Choy, Mark Porter and David Gregorio Our role models: The Thomson Reuters Trust Principles.
