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Oil reverses losses on weak dollar, but China crude reserves sale looms

By Florence Tan SINGAPORE (Reuters) - Oil futures reversed losses on Friday on a weaker dollar although an imminent release of crude reserves from top importer China capped price...
Oil reverses losses on weak dollar, but China crude reserves sale looms © Reuters. FILE PHOTO: Towers and smokestacks are silhouetted at an oil refinery in Melbourne June 21, 2010. REUTERS/Mick Tsikas/File Photo

By Florence Tan

SINGAPORE (Reuters) - Oil futures reversed losses on Friday on a weaker dollar although an imminent release of crude reserves from top importer China capped price gains.

Brent crude futures rose 32 cents, or 0.4%, to $84.79 a barrel at 0730 GMT. U.S. West Texas Intermediate crude gained 11 cents, or 0.1%, to $82.23 a barrel.

Crude prices turned positive as the dollar heads for its largest weekly fall in more than a year. A weaker dollar makes commodities more affordable for holders of other currencies. [FRX/]

However, gains were limited after Reuters reported that China plans to release oil reserves around the Lunar New Year holidays as part of a plan coordinated by the United States with other major consumers to reduce global prices.

The sources, who have knowledge of the discussion between the world's top two crude consumers, said China agreed in late 2021 to release an unspecified amount of oil depending on price levels.

"China agreed to release a relatively bigger amount if oil is above $85 a barrel, and a smaller volume if oil stays near $75 level," said one source, without elaborating.

The U.S. Energy Department said on Thursday it had sold 18 million barrels of strategic crude oil reserves to six companies, including Exxon Mobil (NYSE:XOM) and a unit of refiner Valero Energy Corp (NYSE:VLO).

China has also posted in 2021 its first annual decline in crude oil shipments in two decades as Beijing clamped down on the refining sector and drew down massive inventories, although traders expect imports to recover this year.

There were also concerns about fuel demand at the world's second-biggest oil consumer as the highly transmissible Omicron coronavirus variant has spread to the northeastern city of Dalian. China has suspended some international flights and stepped up efforts to rein in a virus outbreak at Tianjin.

Many cities, including Beijing, have also urged people not to travel during the Lunar New Year holiday, which could cool demand for transport fuel during a peak travel season.

"We expect oil imports to remain soft after China ordered private refineries to cut operating rates," ANZ analysts said in a note.

Nevertheless, Brent and WTI prices are set to climb for a fourth week in a row, supported by supply and geopolitical concerns in Libya and Kazakhstan and a drop in U.S. crude inventories to 2018 lows.

Some investors are also optimistic that Omicron's impact on the global economy and oil demand will be short-lived.

Several banks have forecast oil prices to hit $100 a barrel later this year as demand is expected to outstrip supply.

"The short-term outlook still has many risks, but optimism is high that it will be short-lived," OANDA's analyst Edward Moya said in a note.

However, with oil prices above $80, there is growing political pressure for the White House to lobby OPEC+ to hit their production quotas, he said.

"Biden may resort to another SPR release and while that won't solve any problems, it could send WTI crude down to the $80 level," Moya said.

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26-01-2022 10:04:32 (UTC+7)

EUR/USD

1.1284

-0.0015 (-0.13%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (9)

EUR/USD

1.1284

-0.0015 (-0.13%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (9)

GBP/USD

1.3503

+0.0007 (+0.05%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

USD/JPY

114.38

+0.51 (+0.45%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Indicators:

Buy (10)

Sell (0)

AUD/USD

0.7168

+0.0020 (+0.28%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (7)

USD/CAD

1.2609

-0.0018 (-0.14%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

EUR/JPY

129.06

+0.41 (+0.32%)

Summary

Neutral

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Sell (1)

Indicators:

Buy (2)

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EUR/CHF

1.0387

+0.0013 (+0.13%)

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↑ Buy

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Buy (11)

Sell (1)

Indicators:

Buy (4)

Sell (1)

Gold Futures

1,836.45

-16.05 (-0.87%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (5)

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Silver Futures

23.927

+0.031 (+0.13%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

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Buy (6)

Sell (2)

Copper Futures

4.5130

+0.0630 (+1.42%)

Summary

Neutral

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Buy (4)

Sell (8)

Indicators:

Buy (4)

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Crude Oil WTI Futures

87.19

+1.59 (+1.86%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (8)

Sell (0)

Brent Oil Futures

88.78

+1.60 (+1.84%)

Summary

↑ Buy

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Natural Gas Futures

4.107

+0.213 (+5.47%)

Summary

↑ Sell

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Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

US Coffee C Futures

238.90

+1.00 (+0.42%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (6)

Sell (1)

Euro Stoxx 50

4,184.25

+105.99 (+2.60%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

S&P 500

4,444.19

+87.74 (+2.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

DAX

15,523.15

+399.28 (+2.64%)

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↑ Buy

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Buy (6)

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FTSE 100

7,520.86

+149.40 (+2.03%)

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Buy

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Sell (4)

Indicators:

Buy (4)

Sell (3)

Hang Seng

24,289.90

+46.29 (+0.19%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

US Small Cap 2000

2,046.95

+42.15 (+2.10%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Indicators:

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IBEX 35

8,663.50

+184.00 (+2.17%)

Summary

Neutral

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Buy (8)

Sell (4)

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Buy (2)

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BASF SE NA O.N.

67.750

+2.420 (+3.70%)

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Buy (2)

Sell (6)

Bayer AG NA

51.80

+0.98 (+1.93%)

Summary

Neutral

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Buy (3)

Sell (6)

Allianz SE VNA O.N.

225.25

+5.20 (+2.36%)

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↑ Buy

Moving Avg:

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Buy (7)

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Adidas AG

245.75

+8.00 (+3.36%)

Summary

Neutral

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Buy (4)

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Deutsche Lufthansa AG

7.062

+0.385 (+5.77%)

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Siemens AG Class N

142.44

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Deutsche Bank AG

11.502

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Sell (0)

 EUR/USD1.1284↑ Sell
 GBP/USD1.3503↑ Sell
 USD/JPY114.38↑ Buy
 AUD/USD0.7168↑ Sell
 USD/CAD1.2609↑ Buy
 EUR/JPY129.06Neutral
 EUR/CHF1.0387↑ Buy
 Gold1,836.45Neutral
 Silver23.927↑ Buy
 Copper4.5130Neutral
 Crude Oil WTI87.19↑ Buy
 Brent Oil88.78↑ Buy
 Natural Gas4.107↑ Sell
 US Coffee C238.90Neutral
 Euro Stoxx 504,184.25↑ Buy
 S&P 5004,444.19↑ Buy
 DAX15,523.15↑ Buy
 FTSE 1007,520.86Buy
 Hang Seng24,289.90↑ Buy
 Small Cap 20002,046.95↑ Buy
 IBEX 358,663.50Neutral
 BASF67.750↑ Sell
 Bayer51.80Neutral
 Allianz225.25↑ Buy
 Adidas245.75Neutral
 Lufthansa7.062↑ Buy
 Siemens AG142.44↑ Buy
 Deutsche Bank AG11.502Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,190/ 6,240
(-5/ -5) # 1,175
SJC HCM6,180/ 6,245
(-10/ -10) # 1,179
SJC Hanoi6,180/ 6,247
(-10/ -10) # 1,181
SJC Danang6,180/ 6,247
(-10/ -10) # 1,181
SJC Nhatrang6,180/ 6,247
(-10/ -10) # 1,181
SJC Cantho6,180/ 6,247
(-10/ -10) # 1,181
Cập nhật 26-01-2022 10:04:34
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ↀ Giá vàng thế giới
$1,835.57-14.17-0.77%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
DO 0,001S-V1925019630
Dầu hỏa1779018140
ↂ Giá dầu thô thế giới
WTI$87.23-0.35-0.40%
Brent$89.90-0.3-0.34%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.460,0022.770,00
EUR24.918,8126.315,80
GBP29.789,2431.061,45
JPY192,82204,12
KRW16,3519,92
Cập nhật lúc 18:54:49 26/01/2022
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