2021-02-08 12:55:00
OIL PRICE: NEAR $60
REUTERS - FEBRUARY 8, 2021 - Oil prices rose on Monday to their highest in just over a year, with Brent futures nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures to boost demand.
Brent crude for April touched an intraday high of $60.06 a barrel, the highest since January last year. The front-month contract was at $59.90 by 0728 GMT, up 56 cents, or 0.9%.
U.S. West Texas Intermediate crude futures for March advanced 60 cents, or 1.1%, to $57.45 a barrel, the highest since January last year.
Saudi Arabia’s pledge of extra supply cuts in February and March on the back of reductions by other members of the Organization of the Petroleum Exporting Countries and its allies, including Russia, is helping to balance global markets and support prices.
In a sign that prompt supplies are tightening, the six-month Brent spread hit a high of $2.45 on Monday, its widest since January last year.
OCBC’s economist Howie Lee said the world’s top exporter Saudi Arabia sent a “very bullish signal” last week when it kept monthly crude prices to Asia unchanged despite expectations of small cuts. [CRU/OSP]
“I don’t think anybody dares to short the market when Saudi is like this,” he added.
Investors, focused on oil demand recovery forecast by analysts to take place in the second half this year, are overlooking short-term weakness in demand right now caused by anti-coronavirus lockdowns across parts of Europe and Asia, Lee said.
A weaker dollar against most currencies on Monday also supported commodities, with dollar-denominated commodities becoming more affordable to holders of other currencies.
“A weak U.S. jobs report boosted hopes of further stimulus measures,” ANZ analysts said, adding that energy products and industrial metals benefited from an increased appetite for risk among investors.
Stronger crude prices are, meanwhile, encouraging U.S. producers to increase output.
The U.S. oil rig count, an early indicator of future output, rose last week to its highest since May, according to energy services firm Baker Hughes Co.
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Earlier:
2021, February, 5, 12:45:00
OIL PRICE: NEAR $59 YET
Brent climbed 28 cents, or 0.5%, to $59.12 a barrel. WTI were up 29 cents, or 0.5%, to $56.52 a barrel.
2021, February, 5, 12:40:00
OIL REMAINS THE FUEL
Petroleum remains the most-consumed fuel in the United States, as energy-related carbon dioxide emissions dip through 2035 before climbing in later years.
2021, February, 4, 16:45:00
OIL PRICE: NEAR $59
Brent gained 25 cents, or 0.43%, to $58.71 a barrel. WTI climbed 31 cents, or 0.56%, to $56 a barrel.
2021, February, 4, 16:40:00
СДЕЛКА ОПЕК+: 101%
Страны-производители ОПЕК+ показывают высокие результаты в исполнении сделки. В частности, в декабре 2020 года – на уровне 101%.
2021, February, 4, 16:35:00
OIL MARKET WILL BE GOOD: 2021
The global economy is forecast to grow by 4.4 per cent in 2021, a substantial shift from -4.1 per cent last year. “With the crude oil market currently switching into backwardation, we are hopeful that 2021 will be a good year for overall demand,” Barkindo said.
2021, February, 3, 13:00:00
OIL PRICE: NEAR $58
Brent were up 48 cents, or 0.8%, to $57.94 a barrel. WTI were up 48 cents, or 0.8%, to $57.94 a barrel.
2021, February, 2, 12:20:00
OIL PRICE: NOT BELOW $56
Brent was up 48 cents, or 0.9%, at $56.83 a barrel. WTI gained 52 cents, or 1%, to $54.07.
