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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• At press time, oil prices fell more than 7%, recording their biggest one-day drop since September as traders weighed signs that demand in Europe could falter and data showing that crude remains plentiful. U.S. crude prices ended the day down 7.1% at $60 a barrel following their fifth consecutive daily decline. The slide halts what had been a nearly…
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• The U.S. oil benchmark, WTI Crude, rose at press time to above $64 a barrel, soaring by more than 5%, after OPEC+ sources began telling reporters that the coalition may be close to agreeing not to increase their collective oil production in April. Brent Crude prices jumped above $67 per barrel, to $67.17, up by 5.10%, after OPEC+ sources…
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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…
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• Data released by Lium reveals that 185 U.S. frac fleets are now active up from 95 at the bottom last May. First-quarter 2021 fleet counts are tracking slightly ahead of its base case forecast from December as the industry crews up faster than expected to start the year.
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• Oil prices slipped at press time after industry data showed a surprise increase in U.S. crude inventories that revived pandemic-related fuel demand concerns, while U.S. stimulus hopes buoyed prices. Brent crude futures fell 3 cents to $56.05 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled 18 cents, or 0.3%, lower at $53.13 per barrel.
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• 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…
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• 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…
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• At press time, oil prices rose as producers including Saudi Arabia and Russia locked horns over the need to extend record production cuts set in place in the first wave of the COVID-19 pandemic. Brent crude was up 21 cents, or 0.4%, at $48.46 a barrel. U.S. West Texas Intermediate oil was 11 cents, or 0.2%, higher at $45.39…
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