Oil rises on economic growth, OPEC
Oil prices rose on Tuesday, lifted by healthy economic growth as well as the ongoing supply restraint by a group of exporters around OPEC and Russia, APA reports quoting Reuters.
Spot Brent crude futures LCOc1 were at $69.33 at 0148 GMT, up 30 cents, or 0.4 percent, from their last close, not far off the Jan. 15 three-year high of $70.37 a barrel.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.90 a barrel, up 33 cents, or 0.5 percent, from their last settlement. WTI hit its highest since December 2014 on Jan. 16 at $64.89 a barrel.
Traders said oil markets were generally well supported by healthy economic growth and supply curbs by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which began in January last year and are set to hold throughout 2018.
The “economic outlook and seasonally colder weather has led to firmer oil demand growth, facilitating the continuation of a fall in oil inventories towards OPEC’s recent five-year average target,” BNP Paribas said in a note.
“The outlook for 2018 is roughly balanced for most of the year, but inventories are set to rise in Q4‘18,” the French bank said, adding that it has hiked its 2018 oil price forecasts by $10 a barrel and expects WTI to average $60 a barrel and Brent $65.
For the long-term outlook, investors are preparing for large-scale changes in oil demand coming from the rise of electric vehicles.
Bank of America Merrill Lynch said this week in a note to investors that “we see peak oil demand by 2030 on electric vehicles ... Electric vehicles will have replaced conventional (vehicles) by 2050.”
The bank also said that “when gasoline demand peaks by 2025 (and total oil by 2030), refinery utilization rates may decline permanently and refining margins suffer heavily.”
US coronavirus death toll passes 200,000
Putin calls for strengthening WHO, removing obstacles for partnership in healthcare sector
IATA calls for mandatory COVID test before departure to restart international flights
Dutch coronavirus cases hit new weekly record
Josep Borrell meets with Ukrainian President
Russian Su-30 fighter crashes in Tver region
New transport corridors passing through Caspian Sea increased role of Medium corridor
Spain to cut coronavirus quarantine to 10 from 14 days
Iran registers record daily high in coronavirus cases
Ukrainian President Volodymyr Zelensky phoned President Ilham Aliyev
WHO: Sign-up delays for global vaccine plan are procedural
10 students infected with the coronavirus in Azerbaijan today
European Medicine Agency in contact with 38 developers of potential coronavirus vaccines
Number of coronavirus cases in Canada rises by over 1,300
Vietnam jails 20 for terrorism over police station bombs
Researches regarding utilization of electronic wastes conducted in Azerbaijan
Turkish President makes phone call to Azerbaijani President
UK says people should work from home if they can as COVID-19 spreads
Kyrgyzstan confirms 71 new coronavirus cases, 45 542 in total
Azerbaijan establishes State Agency for Renewable Energy Sources
Course of events shows that Armenia is preparing for a big war, Azerbaijani Speaker says
Mobile phones imported by individuals to be declared in writing at customs in Azerbaijan, from today
Matviyenko: “We are pleased with Russia-Azerbaijan cooperation on international arena”
Over 13,000 coronavirus cases registered in Brazil in past day
Erdogan: “In July Armenia once again proved that it is biggest obstacle to stability in South Caucasus”
Matvienko: “Azerbaijan remains Russia’s strategic partner”
Turkish and French Presidents to hold phone conversation
UK to impose new COVID-related restrictions, Chancellor Gove says
UN general Secretary made appeal for global ceasefire until end of year
400 more Azerbaijani repatriated from Russia
Two private clinics fined in Azerbaijan
Autumn comes to Azerbaijan
Valentina Matviyenko and Sahiba Gafarova hold meeting in Moscow - PHOTO
Explosion rocks village in southern Lebanon, witnesses say
Azerbaijan's SSS calls on citizens not to succumb to enemy provocations
ICRC representatives visit Azerbaijani hostages Dilgam Asgarov and Shahbaz Guliyev
Iranian deputy: “Nagorno Garabagh conflict should be solved through political way”
New ambassador of the Netherlands arrives in Azerbaijan
Georgian expert: "Armenia tries to increase tension by different means"
Boris Johnson addresses House of Commons on new coronavirus measures
WHO Europe Head Kluge holds press conference in Moscow
Belarusian Airline Belavia resumes flights to Russia
New Kindergarten commissioned in Baku's Shaghan
5th meeting between Turkish and Greek military delegations held
First Vice-President Mehriban Aliyeva attended opening of new building of Children’s Art School in Bulbula settlement
Fire in Nizami street of Baku extinguished - UPDATED
Arrested former Head of Consulate Department of Azerbaijani MFA brought to court - UPDATED
Azerbaijan documents 98 fresh coronavirus cases, 113 recoveries, 2 deaths in the last 24 hours
1,064,475 coronavirus tests conducted in Azerbaijan
Number of confirmed coronavirus cases reaches 39,378 in Azerbaijan, 578 deaths
US Secretary of State Pompeo addresses media on anti-Iranian sanctions - VIDEO
Turkish Ambassador to Azerbaijan Erkan Ozoral is - ON AIR
Azerbaijan's SSS exposes a group, bringing highly effective substances from Russia
A film in which real images of Rasulzade took their place to be demonstrated on AzTV
Azerbaijani MP suggests to establish shelters for beggars
Azerbaijan commemorates Khojaly genocide - PHOTOSESSION
14 years pass since establishment of the Ministry of Emergency Situations: They always come to your aid in any difficult moments - PHOTOSESSION - VIDEO
First Vice-President Mehriban Aliyeva attended opening ceremony of rebuilt Azerbaijan pavilion at Exhibition of Achievements of National Economy in Moscow - UPDATED
Open Doors Day and the military oath-taking ceremony were held on the occasion of the State Flag Day
World Bank: Azerbaijan makes progress in health and education
Leader of nationalist movement nicknamed "Tesak", killed Azerbaijani in Russia found dead in pre-trial detention center
Turkish Ambassador: "Garabagh is Homeland for us just as Anadolu"