Oil prices up for 5th week

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    Local oil players are raising prices for the fifth straight week on market optimism of demand recovery with the rollout of vaccines against the new coronavirus disease 2019.

    This developed after Brent touched above $50 a barrel last week, the first time since March.

    According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P46.05, diesel at P35.55 and kerosene at P39.06.

    Petron, Shell and Seaoil adjusted per liter prices upward by P0.50 of gasoline, P0.60 of diesel and P0.55 of kerosene.

    As of December 8, year-to-date adjustments on fuel prices summed up to a net decrease of P3.22 per liter for gasoline, P7.36 per liter for diesel and P10.59 per liter for kerosene.
    Reuters reported that as of Friday last week, Brent futures settled at $49.97 a barrel while US West Texas Intermediate ended at $46.57.

    The report also said concerns over an attack in an Iraqi oilfield supported crude price upticks as two wells at a small field were set ablaze by explosives without affecting overall production from the field.

    The Organization of the Petroleum Exporting Countries and its allies also said oil prices recovered from historic lows reached in April with the help of the record supply-cut deal.

    However, the group will ease its supply restrictions in January by adding an extra 500,000 barrels per day to provide additional support to the market. – J. Macapagal