The US Energy Information Administration said in a monthly report, Tuesday, that US oil production from the seven major shale formations is expected to decline by about 90 thousand barrels per day in February to about 7.52 million barrels per day. The data showed that production in nearly every rocky …
Read More »Oil Exceeds $56 Thanks to US Stimulus Hopes Ahead of Biden’s Inauguration
Oil prices exceeded $56 a barrel today, Wednesday, with the support of expectations that the new US administration will adopt huge stimulus spending to boost demand, as well as restrictions imposed by OPEC on production and expectations of lower US crude stocks. On Tuesday, US Treasury Secretary Candidate Janet Yellen …
Read More »Saudi Arabia Bypasses Russia, Consolidating its Position as The Largest Oil Supplier to China
Government data revealed today, Wednesday, that Saudi Arabia overtook Russia to maintain its position as the largest supplier of crude oil to China in 2020. China, the world’s largest oil importer, bought 542.4 million tons of crude oil in 2020, or 10.85 million barrels per day, which is an increase …
Read More »Crude Oil: Breaks Resistance
Oil, Crude, trading
Read More »IEA Cuts Oil Demand Forecasts for 2021
The International Energy Agency (IEA) cuts its expectations for the global demand for crude oil during 2021 by 280,000 barrels per day (b/d) to 5.5 million b/d, according to the monthly report released on Tuesday. A decline of 600,000 b/d is expected during the first quarter (Q1) of the year, …
Read More »Oil Closes Higher as the USD Declines
Oil prices rose on Tuesday, amid the decline of the U.S. Dollar (USD), despite the International Energy Agency (IEA) cutting its expectations for the global demand for crude oil in 2021. Hopes for increased government stimulus by the new administration that is about to take over in the United States …
Read More »Crude Oil: Negativity Persists
Oil, Crude, trading
Read More »Growing CoronaVirus Cases Put an End to Oil Rally
Oil prices retreated further from the 11-month high that they touched last week, ending a rally that began at the end of October due to production cuts and strong Chinese demand, in light of questions about market direction amid the growing number of coronavirus cases. Brent crude was down 30 …
Read More »Crude Oil Facing Negative Pressure
Oil, Crude, trading
Read More »Oil Erases Weekly Gains and Turns to Losses
Oil prices declined on Friday, giving up most of their weekly gains in a correction wave that follows recent surges amid continuous concerns about the rising number of new Coronavirus cases. Brent crude futures for March delivery declined by $1.32, or 2.3%, to close at $55.10 per barrel. For the …
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