Oil prices stabilized, to remain in the ranges recorded over the past three weeks, at a time when investors looked for indications of a change in the fundamental factors of supply and demand.<\/p>\n\n\n\n
A Saudi cut in oil supplies and a decline in crude stocks in the United States contributes to dispelling the impact of price pressures resulting from fuel demand, which is slowing due to the failure to distribute anti-Coronavirus vaccines and new, more highly contagious strain.<\/p>\n\n\n\n
Brent crude futures for March delivery rose four cents, or 0.1%, to $ 55.57 a barrel before the Tokyo Stock Exchange closed, after falling 0.5% in the previous session.<\/p>\n\n\n\n
The March Brent contract expires on Friday. The most active April contract rose 13 cents, or 0.2%, to $ 55.23.<\/p>\n\n\n\n
US West Texas Intermediate crude futures fell seven cents to $ 52.27 a barrel, after falling 1% on Thursday.<\/p>\n\n\n\n
Saudi Arabia is set to cut production by 1 million barrels per day in February and March, and compliance with production restrictions by the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as the OPEC + group, improved in January.<\/p>\n\n\n\n
Johnson & Johnson said on Tuesday that it expects to announce data for its COVID-19 vaccine early next week.<\/p>\n\n\n\n
The market is also receiving support from a 9.9 million barrel drop in US crude inventories and expectations of a limited decline in US oil production in February.<\/p>\n\n\n\n
But market gains are being curbed by concerns about disrupted vaccine distribution and the spread of new strains that are more contagious than the virus.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices stabilized, to remain in the ranges recorded over the past three weeks, at a time when investors looked for indications of a change in the fundamental factors of supply and demand. A Saudi cut in oil supplies and a decline in crude stocks in the United States contributes to dispelling the impact of …<\/p>\n","protected":false},"author":9,"featured_media":32066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846],"class_list":["post-40702","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/40702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=40702"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/40702\/revisions"}],"predecessor-version":[{"id":40703,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/40702\/revisions\/40703"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/32066"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=40702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=40702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=40702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}