Oil rises on back of production cuts, falling crude inventories
Oil prices, and especially WTI, rose on Thursday as a result of the promised Saudi production cuts, falling crude inventories and political turmoil in the US.
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Oil prices, and especially WTI, rose on Thursday as a result of the promised Saudi production cuts, falling crude inventories and political turmoil in the US.
Oil prices rose on Wednesday, capitalising on Saudi Arabia’s promised voluntary output cut from February.
Oil prices rose on Tuesday after Monday’s OPEC+ conservatism and helped by rising tensions in the Gulf.
Oil prices rose on Monday on expectations that OPEC+ may keep output stable in February and on a demand uptick coming from China.
Oil prices reversed early losses on Wednesday as some confidence that the existing vaccines can counter the new Covid-19 strain offset concerns over President Trump’s stimulus package pushback.
Oil prices declined on Tuesday as the market ignored news of the US stimulus deal, focusing on the new Covid-19 strain setback.
Oil prices rose on Wednesday as accelerating vaccination campaign rollouts helped brush off early concerns over rising stocks and declining oil demand.
Oil prices got a new boost on Friday, as traders saw the OPEC+ compromise as a bullish development after the supply uncertainty that took the market by surprise since the start of the week.
Oil prices are largely stable on Wednesday as the market avoids leaning heavily on positive vaccine news, waiting for the next day’s crucial OPEC+ meeting instead.
Oil prices moved only marginally on Tuesday as the market waits for a clear message from ongoing OPEC+ negotiations, after a turbulent meeting the previous day.
Oil prices declined on Monday as OPEC+ does not appear to have a clear consensus yet on extending its current production levels, contrary to what the market has already priced in.
Oil prices finally put a halt on their continuous rise, as traders focused again on the worsening short-term oil demand.