This Week’s Market Buzz

Oil futures ended sharply higher at press time as the International Energy Agency lifted its demand outlook for crude and a U.S. government report revealed a third-weekly drop in weekly inventories, prompting prices to post their highest finish since mid-March. In its monthly report, the International Energy Agency raised its forecast [https://www.marketwatch.com/story/iea-says-global-oil-market-is-recovering-and-lifts-demand-forecast-11618390949?mod=mw_latestnews] for global oil demand in 2021 by 230,000…

Read More

This Week’s Market Buzz

The Organization of the Petroleum Exporting Countries and allied producers have agreed to gradually increase their output over the next three months. The move follows a sharp increase in oil prices, and a call from the United States to keep energy affordable. The OPEC+ alliance of crude producers has been holding back roughly 8 million barrels per day from global…

Read More

This Week’s Market Buzz

Permian oil production has plunged by as much as one million barrels a day as the coldest weather in 30 years brought havoc to a region that seldom faces frigid Arctic blasts, according to the Houston Chronicle. Oil traders and company executives, speaking on condition of anonymity, lifted their estimate of supply losses in the region as the temperature in…

Read More

This Week’s Market Buzz

• A Reuters poll of analysts in late December showed a broad expectation that Brent Crude will average “a smidge above $50/bbl this year,” PVM Oil Associates said. U.S. benchmark West Texas Intermediate crude futures broke above $50/bbl this week for the first time since February, boosted by a surprise announcement by Saudi Arabia of a 1 million barrel-per-day production…

Read More

This Week’s Market Buzz

• At press time, oil prices fell after a new strain of coronavirus discovered in the U.K. sparked fresh travel restrictions across Europe and concerns that there may be more lockdowns globally. Brent crude oil, the international benchmark, dropped 2.6% to $50.91 a barrel. Futures tied to West Texas Intermediate, the main U.S. crude gauge, fell 2.8% to $47.74 a…

Read More
1 2 3 20