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Daily (26.02.2021): Brent crude rally take a breather, while U.S. WTI crude ends at its highest since May 2019

Crude oil prices diverged on Thursday, with Brent crude steadying after a period of optimism amid concerns over OPEC+’s willingness to continue output cuts grow. In contrast, U.S. WTI crude gained ground, spurred by optimism of quickly depleting global oil inventories. Hence, Brent crude lost 0.2% to settle at $66.88 a barrel. Meanwhile, U.S. WTI crude rose by 0.5% to 63.53 a barrel, marking its highest finish since May 2019.

read more... 26/02/2021

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Daily (25.02.2021): Carbon EUAs gained 1.2% on Wednesday amid a rising energy market

Crude prices continued to climb on Wednesday, supported by a decline in US oil supply after a historically cold weather hit the country's main oil regions. As a result, Brent crude increased by 2.6% to $67.04 a barrel and WTI oil rose by 2.5% to $63.22 a barrel.

read more... 25/02/2021

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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

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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

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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

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