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Daily (01.03.2021): Oil prices fell on Friday amid strong U.S. dollar, concerns of stronger supply, but notched weekly gains
Oil prices fell on Friday amid a stronger U.S. dollar and concerns that crude oil supply would rise in response to prices rebounding above pre-pandemic levels. Hence, Brent crude declined by 75 cents, or 1.1%, to settle at $66.13 a barrel. Meanwhile, U.S. WTI crude settled $2.03, or 3.2%, lower at $61.50 per barrel. However, on a weekly basis, Brent surged by 5.1%, while WTI soared by 3.8% and both hiked by 20% in February on supply disruptions in the United States and optimism over demand recovery on the back of COVID-19 vaccination rollout.
read more... 01/03/2021
Daily (24.02.2021): Oil prices stable after record highs, but general bullish sentiment is surrounding the market
Crude oil prices diverged on Tuesday, but ended rather flat after hitting fresh 2021 highs amid a lack of major events to impact the oil sellers. Hence, Brent crude added 0.2% to settle at $65.37 a barrel, buoyed by signs that global coronavirus restrictions were being eased. Meanwhile, U.S. WTI crude steadied at $61.67 a barrel amid uncertainty about the return of Texas crude production and concerns about the pace of a U.S. economic recovery.
read more... 24/02/2021
Oil products caught between Covid and green push
Most forecasts for products demand and prices have been steadily revised upwards as vaccination programmes have got underway and this has created positive market sentiment, Argus' global head of oil products Stephen Jones told the forum held today during the IP Week conference. But, any actual demand recovery will depend on how quickly governments lift lockdown measures. One major unknown is how well the vaccines will deal with new variants of Covid-19.
read more... 24/02/2021
Daily (23.02.2021): Oil prices settled at their highest levels since January 2020 amid a gradual recovery of U.S. crude output after winter storms
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
Daily (22.02.2021): Crude oil prices fell by 2% on Friday amid profit-taking and resumption of US crude supply
Crude oil prices lost ground on Friday, weighed by profit-taking after breaking new records in more than a year. Furthermore, investors anticipated a partial recovery of crude production in the United States. As a result, Brent oil ended 1.6% lower at $62.91 a barrel, while WTI crude lost 2.1% to settle at $59.24 a barrel.
read more... 22/02/2021