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2021-01-20 14:50:00

OIL PRICE: ABOVE $56 ANEW

OIL PRICE: ABOVE $56 ANEW

REUTERS - JANUARY 20, 2021 - Oil rose above $56 a barrel on Wednesday, supported by expectations the new U.S. administration will deliver massive stimulus spending that would lift demand, as well as by OPEC curbs and forecasts of a drop in U.S. crude inventories. 

U.S. Treasury Secretary nominee Janet Yellen on Tuesday urged lawmakers to “act big” on pandemic relief spending. A fall in the dollar after the comments helped oil to rally, analysts said. 

“This provided a good backdrop for oil and other risk assets,” said Stephen Brennock of broker PVM. “While the near-term demand environment continues to be gripped by weakness and uncertainty, the future is brightening.” 

Brent crude was up 42 cents, or 0.8%, to $56.32 at 1004 GMT, after a 2.1% gain on Tuesday. U.S. West Texas Intermediate (WTI) crude climbed 51 cents, or 1%, to $53.49.

President-elect Joe Biden’s inauguration is on Wednesday.

“Increased fiscal support means more growth and higher U.S. oil demand,” said Eugen Weinberg of Commerzbank. “What is more, the oil market is likely to remain in supply deficit both in the first quarter and in the year as a whole.”

A record output cut by OPEC and its allies, known as OPEC+, in 2020 helped lift prices from historic lows.

This month Brent hit an 11-month high of $57.42, helped by Saudi Arabia pledging to make additional, voluntarily cuts and most OPEC+ members agreeing to keep output steady in February.

Oil drew more support from expectations of lower U.S. crude inventories. Analysts estimate crude stocks fell by 300,000 barrels. The first of the week’s two supply reports is due on Wednesday from the American Petroleum Institute. 

Gains were limited by concern about near-term demand as COVID-19 infections rise.

China’s capital Beijing on Wednesday announced some stricter COVID-19 control measures. Germany on Tuesday extended a lockdown for most shops and schools. 

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Earlier:

OIL PRICE: ABOVE $56 ANEW
2021, January, 19, 14:00:00
OIL PRICE: ABOVE $55 YET
Brent rose 46 cents to $55.21 a barrel. WTI was at $52.40 a barrel, up 4 cents.
OIL PRICE: ABOVE $56 ANEW
2021, January, 19, 13:45:00
U.S. FOSSIL FUEL WILL UP
U.S. production of all fossil fuels—crude oil, coal, dry natural gas, and natural gas plant liquids (NGPL)—to increase in 2022, but forecast fossil fuel production will remain lower than the 2019 peak.
OIL PRICE: ABOVE $56 ANEW
2021, January, 18, 13:15:00
OIL PRICE: NEAR $55 AGAIN
Brent fell 20 cents, or 0.4%, to $54.90 a barrel. WTI fell 20 cents, or 0.4%, to $54.90 a barrel.
OIL PRICE: ABOVE $56 ANEW
2021, January, 15, 12:05:00
OIL PRICE: BELOW $56 ANEW
Brent was down 71 cents, or 1.2%, at $55.71 a barrel. WTI was 46 cents, or 0.9%, lower at $53.11 a barrel.
OIL PRICE: ABOVE $56 ANEW
2021, January, 15, 12:00:00
GLOBAL OIL DEMAND WILL UP BY 5.9 MBD
For 2021, global oil demand is forecast to increase by 5.9 mb/d y-o-y to average 95.9 mb/d.
OIL PRICE: ABOVE $56 ANEW
2021, January, 15, 11:55:00
OPEC+ STABILIZATION
The OPEC+ alliance, led by Saudi Arabia and Russia, decided in December after days of heated negotiations to ease their stringent quotas by a collective 500,000 b/d for January, instead of the originally scheduled 2 million b/d tapering.
OIL PRICE: ABOVE $56 ANEW
2021, January, 14, 14:25:00
OIL PRICE: BELOW $56
Brent fell 36 cents to $55.70 a barrel. WTI dropped 26 cents to $52.65.
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Tags: OIL, PRICE, BRENT, WTI