Crude oil futures rallied on Monday to settle at their highest levels in more than a year amid expectations of a slow recovery in output after last week’s deep freeze in Texas which cut U.S. crude production by as much as 40%. The gains were also attributed to expectations that OPEC+ would continue to curb output. Hence, Brent crude soared by $2.33, or 3.7%, to settle at $65.24 a barrel. Meanwhile, U.S. WTI crude surged by $2.46, or 4.2%, to settle at $61.70 a barrel.
read more... 23/02/2021
Oil prices retreated on Thursday, ending three sessions of increases, despite a larger than expected drop in crude stocks in the United States. The decline came amid speculation that OPEC+ may discuss an increase in production at their meeting early next month. Hence, Brent crude lost 41 cents, or 0.6%, to settle at $63.93 a barrel. U.S. WTI crude fell by 62 cents, or 1%, to settle at $60.52 a barrel.
read more... 19/02/2021
Saudi Arabia and Russia would like to continue their coordination to support oil market stability, the leaders of the two most influential members of the OPEC+ production pact said during a telephone conversation this week.
read more... 18/02/2021
Crude oil prices rebounded sharply on Friday to hit 13-month highs. Despite a weak demand outlook reported by the International Energy Agency (IEA) and OPEC, both Brent crude and WTI oil surged by 2.1% to settle at $62.43 and $59.47 a barrel, respectively.
read more... 15/02/2021
France's supermajor Total is warning that the world could find itself with a shortfall of supply of 10 million barrels per day (bpd) between now and 2025, due to continued underinvestment in the industry, the OPEC+ pact, and cracks in the U.S. shale business model.
read more... 11/02/2021