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.

U.S. commercial crude oil inventories decreased by 9.9 million barrels to 476.7 million barrels.

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.

The Dow Jones Industrial Average rose 1.57% on Tuesday, the S&P 500 gained 1.39%, and the Nasdaq Composite added 1.56%.

Brent was up 48 cents, or 0.9%, at $56.83 a barrel. WTI gained 52 cents, or 1%, to $54.07.

The benchmark S&P BSE Sensex was up 2.17% at 49,656.93 by 0457 GMT after rising as much as 3.2% to 50,154.48. The NSE Nifty 50 index climbed 2.1% to 14,581.10.

The European technology sector rose 1.4%, while the STOXX 600 index gained 0.8%.

Brent were up 53 cents, or 1%, at $55.57 a barrel. WTI gained 41 cents, or 0.8%, to $52.61.

The preliminary level for dry natural gas production in November 2020 was 2,757 billion cubic feet (Bcf), or 91.9 Bcf/d. This level was 4.8 Bcf/d (-5.0%) lower than the November 2019 level of 96.7 Bcf/d.

The blue-chip NSE Nifty 50 and S&P BSE Sensex indexes rose more than 3.5% to 3.7% after the budget.

U.S. Rig Count is up 6 from last week to 384, Canada Rig Count is up 2 from last week to 174.

Brent rose 23 cents, or 0.4%, to $55.76 a barrel. WTI rose 7 cents, or 0.1%, to $52.41.

The benchmark STOXX 600 index dropped 1.6% in early trading

Brent fell 46 cents, or 0.8%, to $55.35 a barrel. WTI fell 36 cents, or 0.7%, to $52.49 a barrel.

OPEC reaffirms its faith – time and time again – of the need for dialogue, cooperation, and respect.