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2021-01-06 14:10:00

OIL PRICE: NEAR $54

OIL PRICE: NEAR $54

REUTERS - JANUARY 6, 2021 - Oil prices rose on Wednesday to their highest since February 2020 after Saudi Arabia agreed to reduce output more than expected in a meeting with allied producers, while industry figures showed U.S. crude stockpiles were down last week. 

Brent crude rose as much as 0.9% to $54.09 a barrel, the highest since Feb. 26, 2020. It was at $53.82 a barrel at 0757 GMT after jumping 4.9% on Tuesday. 

U.S. West Texas Intermediate (WTI) futures climbed as much as 0.6% to $50.24 a barrel, also the highest since Feb. 26, before slipping to $49.96. The contract on Tuesday closed up 4.6%.

Saudi Arabia, the world’s biggest oil exporter, agreed on Tuesday to make additional, voluntary oil output cuts of 1 million barrels per day (bpd) in February and March, after a meeting with the Organization of the Petroleum Exporting Countries (OPEC) and other major producers that form the group known as OPEC+.

The reductions agreed by Saudi Arabia were included in a deal to persuade other producers in the OPEC+ group to hold output steady.

With coronavirus infections spreading rapidly in many parts of the world producers are trying to support prices as demand takes a hit from new lockdowns being put in place.

“Despite this bullish supply agreement, we believe Saudi’s decision likely reflects signs of weakening demand as lockdowns return,” analysts from Goldman Sachs said in a note, although the investment bank maintained its year-end 2021 forecast for Brent of $65 a barrel.

OPEC member Iran’s seizure of a South Korean tanker in the Gulf on Monday also continued to support prices. Tehran denied it was holding the ship and its crew hostage after seizing the tanker while pushing for Seoul to release $7 billion of funds frozen under U.S. sanctions.

Meanwhile U.S. crude oil inventories dropped by 1.7 million barrels in the week to Jan. 1 to 491.3 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday. That exceed analysts’ expectations in a Reuters poll for a decline of 1.3 million barrels. 

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Earlier:

OIL PRICE: NEAR $54
2020, December, 30, 11:10:00
OIL PRICE: ABOVE $51 YET
Brent rose 19 cents, or 0.4%, to $51.28 a barrel. WTI rose 29 cents, or 0.6%, to $48.29.
OIL PRICE: NEAR $54
2020, December, 29, 11:55:00
OIL PRICE: NEAR $51 YET
Brent climbed 23 cents, or 0.5%, to $51.09 a barrel. WTI added 23 cents, or 0.5%, to $47.85 a barrel.
OIL PRICE: NEAR $54
2020, December, 28, 11:00:00
OIL PRICE: NEAR $51 AGAIN
Brent were down 25 cents, or 0.5%, to $51.04 a barrel. WTI slipped 19 cents, or 0.4%, to $48.04 a barrel.
OIL PRICE: NEAR $54
2020, December, 28, 10:55:00
THE NEW SAUDI'S OIL, GAS
State-run oil giant Saudi Aramco is working to determine the exact size and resource volume of the new finds,
OIL PRICE: NEAR $54
2020, December, 25, 10:45:00
OIL PRICE: ABOVE $51
Brent settled 9 cents higher at $51.29. WTI settled up 11 cents to $48.23 a barrel.
OIL PRICE: NEAR $54
2020, December, 25, 10:40:00
OPEC+ RISSIA OIL PRICE: $45 - $55
In comments, cleared for publication on Friday, Novak also said that Moscow views an oil price between $45 and $55 per barrel as the optimum level to allow for recovery of its oil production,
OIL PRICE: NEAR $54
2020, December, 23, 13:10:00
WORST U.S. SHALE
Shale producers were hit hard after borrowing to expand production and slashed spending and output to cut losses.
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Tags: OIL, PRICE, BRENT, WTI