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Russia, Saudi Arabia Vow Continued Coordination In Oil Policy

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


Daily (03.02.2021): Oil prices soared by about 2% on Tuesday to hit their highest levels in over a year

Crude oil prices rallied on Tuesday to hit the highest settlement in over a year as OPEC+ group, which will meet later this week to review the oil market, is expected to reduce production. Hopes that the U.S. Congress will adopt the long-awaited $1.9 trillion economic stimulus package were supporting the U.S. crude benchmark. Hence, Brent crude rose $1.11, or 2%, to end the session at $57.46 a barrel. U.S. WTI crude soared by $1.21, or 2.3%, to settle at $54.76 a barrel.

read more... 03/02/2021


Daily (02.02.2021): Oil climbed to the highest level in three weeks on Monday amid supply cuts, lower U.S. inventories

Oil prices surged to their highest levels in three weeks on Monday, buoyed by falling U.S. crude inventories and a further reduction in Saudi production. A change in the sentiment, which was driven by broader market strength, following positive economic data, brought additional support to oil markets. Brent crude rose by 0.9% to settle at $56.35 a barrel. Meanwhile, U.S. WTI crude soared by $1.35, or 2.6%, to close at $53.55 a barrel. For month, both benchmarks gained nearly 8%.

read more... 02/02/2021


Daily (19.01.2021): Crude oil markets sluggish on Monday amid stronger U.S. Dollar, surging cases of COVID-19 in China

Crude oil prices fell modestly on Monday, remaining subdued by the strength of the U.S. Dollar and the extent of the spread of COVID-19 cases in China. Hence, Brent crude declined by 0.6%, to settle at $54.75 a barrel. Meanwhile, U.S. WTI crude ended at $52.05 a barrel, posting a 0.6% loss day-on-day.

read more... 19/01/2021


Daily (11.12.2020): Brent crude tops $50 for the first time since March amid vaccine optimism

Oil prices surged on Thursday, with Brent crude surpassing $50 a barrel for the first time since March as optimism surrounding Covid-19 vaccine progress lifted the outlook for consumption. Moreover, the oil market was spurred by reports suggesting Chinese demand is exceeding pre-Covid levels. Hence, Brent crude for February delivery rose by $1.39, or 2.8%, to settle at $50.25 a barrel. Meanwhile, U.S. WTI crude for January delivery soared by $1.26, or 2.8%, to close at $46.78 a barrel. Both contracts marked their highest settlements since March 4.

read more... 11/12/2020