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    BARC   GB0031348658

BARCLAYS PLC

(BARC)
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Barclays : Brent dips after topping $80 a barrel, highest since Oct 2018

09/28/2021 | 03:22pm EDT
FILE PHOTO: An employee holds a sample of crude oil at the Irkutsk Oil Co-owned Yarakta field in the Irkutsk region

(Reuters) - Brent oil dipped on Tuesday after topping $80 per barrel for the first time in nearly three years, as a five-day rally ran out of steam with investors locking in profits.

Oil benchmark prices have been on a tear, with fuel demand growing and traders expecting major oil-producing nations will decide to keep supplies tight when the Organization of the Petroleum Exporting Countries (OPEC) meets next week.

Brent dipped 44 cents, or 0.6%, to $79.09 a barrel, after reaching its highest level since October 2018 at $80.75.

U.S. West Texas Intermediate (WTI) crude fell 16 cents, or 0.2%, to $75.29 a barrel, after hitting a session high of $76.67, highest since July.

"You probably have a fair amount of profit-taking, because we've had a pretty extraordinary run-up in prices," said Andrew Lipow, president of Houston-based consultancy Lipow Oil Associates. "We might have a little bit of a respite here as the market evaluates what the supply and demand dynamics are."

The market also faces headwinds from a power crunch in China, the world's biggest energy consumer.

"Recent power rationing to industries in China to drive down emissions could weigh on economic activity, potentially offsetting the tailwind from incremental diesel use in power generation," investment bank Barclays said.

Some investors worried that contagion from a Chinese housing bubble could hit the country's economy and therefore oil demand, said Louise Dickson, senior oil markets analyst at Rystad Energy. China is the world's top oil importer.

Oil demand will grow sharply in the next few years as economies recover from the pandemic, OPEC forecast on Tuesday, adding that the world needed to keep investing in production to avert a crunch even as it makes the transition to cleaner forms of energy.

Several members of the OPEC+ group of producers, which includes OPEC ally Russia and several other countries, cut output during the pandemic, and have been having trouble ramping up to meet recovering demand.

Top African oil exporters Nigeria and Angola will struggle until at least next year to boost output to quotas set by OPEC, sources at their respective oil firms said, citing underinvestment and maintenance problems.

U.S. production has been impaired by Hurricanes Ida and Nicholas, which swept through the U.S. Gulf of Mexico in August and September, damaging platforms, pipelines and processing hubs.

(Reporting by Rod Nickel in Winnipeg, Ahmad Ghaddar in London and Yuka Obayashi in Tokyo; Editing by Jason Neely, Edmund Blair, David Gregorio and Cynthia Osterman)

By Rod Nickel


ę Reuters 2021
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Financials
Sales 2021 21 836 M 30 009 M 30 009 M
Net income 2021 5 809 M 7 984 M 7 984 M
Net Debt 2021 - - -
P/E ratio 2021 6,10x
Yield 2021 3,06%
Capitalization 33 518 M 46 019 M 46 063 M
Capi. / Sales 2021 1,53x
Capi. / Sales 2022 1,53x
Nbr of Employees 83 000
Free-Float 99,6%
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Barclays PLC Technical Analysis Chart | BARC | GB0031348658 | MarketScreener
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Mean consensus BUY
Number of Analysts 23
Last Close Price 199,46 GBX
Average target price 233,32 GBX
Spread / Average Target 17,0%
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Managers and Directors
James Edward Staley Group Chief Executive Officer & Executive Director
Tushar Morzaria Group Finance Director & Executive Director
Nigel Paul Higgins Group Chairman
Mark Ashton Rigby Group Chief Operating Officer
Laura Padovani Group Chief Compliance Officer
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