2021-02-09 15:55:00
OIL PRICE: NEAR $61
REUTERS - FEBRUARY 9, 2021 - Oil prices scored their seventh straight session of gains for both benchmark contracts on Tuesday, hitting their highest since late January 2020, as supply cuts by major producers and optimism over a recovery in fuel demand support energy markets.
Brent crude futures for April gained 41 cents, or 0.7%, to $60.97 a barrel by 1000 GMT.
U.S. West Texas Intermediate crude (WTI) for March was at $58.25 a barrel, up 28 cents, or 0.5%.
“We attribute the latest price surge first and foremost to financial market factors such as the considerable investor optimism and the again weaker U.S. dollar, and expect prices to correct,” Commerzbank analysts said in a note.
The dollar was down 0.4% against a basket of currencies, making dollar-priced commodities more attractive to holders of other currencies.
Top exporter Saudi Arabia is squeezing supply in February and March, on top of cuts by producers in the Organization of the Petroleum Exporting Countries and their allies, prompting forecasts of a supply deficit this year.
Additionally, Libyan oil production has fallen to 1.04 million barrels per day (bpd) from 1.3 million bpd late last year due to an ongoing strike by the Petroleum Facilities Guards, a Libyan oil source said on Monday.
Signalling no swift return of Iranian barrels into the market, Tehran and Washington appeared to be in deadlock over a resolution of sanctions on the OPEC member.
Investors are also pinning hopes on an oil demand recovery when COVID-19 vaccines take effect, while a weak dollar has helped to shore up the price of commodities.
Investors are looking ahead to the U.S. weekly oil inventories data due later on Tuesday.
U.S. crude and gasoline stockpiles probably rose last week, while distillate stocks were seen down, a preliminary Reuters poll showed on Monday.
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Earlier:
2021, February, 8, 12:55:00
OIL PRICE: NEAR $60
Brent touched an intraday high of $60.06 a barrel. WTI advanced 60 cents, or 1.1%, to $57.45 a barrel.
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.
