Oil slips marginally as pandemic surge ends rally
OPEC to meet on Sept. 1 to decide its policy amid calls from US to add more barrels to market
Oil prices fell on Thursday, ending a three-day rally, on concern that rising coronavirus cases will hurt global demand.
Brent crude was down 78 cents, or 1.1 percent, at $71.47 a barrel by 1525 GMT.
US West Texas Intermediate oil was down 77 cents, or 1.1 percent, at $67.59 a barrel.
Mexican state oil firm Pemex will produce an average of 1.8 million barrels per day (bpd) by year end, despite a fire that has knocked out a big chunk of output, the country’s president said on Thursday.
Data on Thursday showed that in August the big improvers in demand are India and Japan, the region’s second-and third-biggest buyers.
India’s oil imports have rebounded this month from a 12-month low of around 3.4 million bpd in July.
Elsewhere in energy, the Nigerian National Petroleum Corporation (NNPC) said it made a profit for the first time in its 44-year history, generating an income of 287 billion naira ($698 million) after tax in 2020, President Muhammadu Buhari said on Thursday.
The Canadian Association of Petroleum Producers (CAPP) is asking federal politicians to provide new tax breaks on capital investment in energy projects, including for cleantech and emissions-reducing investments, as well as the reinstatement of a 15 percent tax credit for offshore drilling in Newfoundland and Labrador, as part of election wish list released on Tuesday.
The Cambodian government is seeking the return of an oil tanker and its crew who have been detained in Indonesia since July 27, alleging that the ship had loaded oil illegally from an offshore oil field, a government official said on Thursday.
Australian oil and gas producer Santos is to be challenged in court on its claim to have a “clear and credible” path to net zero emissions.
On Friday, investors will watch Federal Reserve Chair Jerome Powell speak to the Jackson Hole economic conference, but few expect hints about when the US central bank may start reducing asset purchases.
Next week, the Organization of the Petroleum Exporting Countries will meet on Sept. 1 to decide its policy amid calls from the US to add more barrels to the market to help the global economic recovery.