This Week’s Market Buzz

• At press time, West Texas Intermediate crude for September delivery rose 16 cents, or 0.2%, to settle at $72.07 a barrel on the New York Mercantile Exchange. That led the U.S. benchmark up by 0.7% for the week, based on the front-month contract, according to Dow Jones Market Data. September Brent crude the global benchmark, added 31 cents, or…

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This Week’s Market Buzz

Oil prices edged up at press time, putting both benchmarks on track for a fifth consecutive week of gains on expectations demand growth will outstrip supply and OPEC+ producers will be cautious in returning more crude to the market from August. Brent futures rose 32 cents, or 0.4%, to $75.88 a barrel, while U.S. West Texas Intermediate (WTI) crude rose…

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This Week’s Market Buzz

Goldman Sachs has reiterated its forecast that Brent crude will hit $80 per barrel this summer as demand quickly recovers. “Rising vaccination rates are leading to higher mobility in the United States and Europe, with global demand estimated up 1.5 million barrels per day (mb/d) in the last month to 96.5 mb/d,” the investment bank said in a note as…

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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…

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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…

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