Oil prices rose on Thursday, supported by the extension of crude output cuts by OPEC+ until the end of April. Brent crude futures for May delivery rose by $2.67, or 4.2%, to close at $66.74 per barrel, recording its highest finishing level since February 25. Meanwhile, the West Texas Intermediate …
Read More »OPEC+ Extends Output Cuts into April
The Organization of the Petroleum Exporting Countries (OPEC) and its partners, forming an alliance known as OPEC+, agreed on Thursday to extend most crude oil production cuts until the end of next month. While Russia and Kazakhstan were allowed limited eases in output curbs, of 130,000 barrels per day (b/d) …
Read More »Oil Extends Gains Thanks to The Possibility of OPEC+ Sticking to Cutting Supplies
Oil prices rose for the second session in a row on Thursday, March 4, as they received support from the possibility of OPEC+ producers taking a decision against increasing production at an important meeting to be held later today, along with the decline in the US fuel stocks. Brent crude …
Read More »Oil Repeating The Chances of The Rally
Oil, Crude, trading
Read More »Oil prices rise more than 2%, supported by a significant decrease in US inventories
Oil prices rose more than 2% on Wednesday, supported by a significant drop in US fuel inventories and expectations that OPEC + producers may take a decision against increasing production when they meet this week. US gasoline stocks fell last week by the most on record, and refining production fell …
Read More »Oil Rises with OPEC+ Expected to Extend Output Cuts
Oil prices rose on Wednesday, despite the strong surge in crude inventories in the United States, supported by expectations that OPEC+ could be extending output cuts until the end of April. Recent reports suggested that the Organization of the Petroleum Exporting Countries (OPEC) and other major producers that form an …
Read More »U.S. Oil Inventories Rise by 21.6 M Barrels
Crude oil inventories in the United States surged by 21.6 million barrels last week, according to the weekly report of the U.S. Energy Information Administration (EIA) issued on Wednesday. The rise in oil supplies is much higher that what the market expected, as the S&P Global Platts survey expected an …
Read More »OPEC+ Considering Extending Oil Production Cuts in April
Sources in OPEC+ told Reuters that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, are considering extending oil production cuts from March to April instead of increasing production due to the fragility of crude markets due to continuing concerns about the Coronavirus …
Read More »Oil Rising on Revival of Demand Outlook With Progress in Vaccine Distribution in America
Oil prices rose on Wednesday, March 3, as indications of progress in the distribution of Covid-19 vaccines in the United States, the world’s largest consumer, led to a rebound in demand expectations. US West Texas Intermediate crude futures rose 15 cents, equivalent to 0.25%, to $59.90 a barrel, recovering after …
Read More »Oil Prices Drop to a Two-Week Low, Amid Expectations That OPEC+ Will Ease Supply Restrictions
Oil prices fell to their lowest in two weeks on the expectation that the OPEC+ group will ease restrictions on supplies during its meeting later this week as economies begin to recover from the Coronavirus pandemic. OPEC Secretary-General Muhammad Barkindo said that the outlook for oil demand looks more positive, …
Read More »