Oil prices are ripe for a correction in coming weeks if speculator-driven rallies are not backed by stronger fuel demand soon.
Oil prices moved higher on Thursday as news that Britain and the European Union had signed a post-Brexit trade deal, as well as a draw in U.S. inventory, sparked optimism.
Brent crude futures fell 71 cents, or 1.4%, to $49.37 a barrel at 0646 GMT. U.S. West Texas Intermediate (WTI) crude futures slid 67 cents, or 1.4%, to $46.35 a barrel. Both contracts fell nearly 2% on Tuesday, already a second straight session of declines.
Oil Jumps to Highest Since February Amid Stimulus Optimism.
TEHRAN (Iran News) – Oil-producing group OPEC+, and its allies, will likely delay an output hike at its meeting this week as it weighs positive vaccine news against new coronavirus lockdowns and resurgent shale drilling in the U.S. The coalition known as OPEC+, which comprises some of the world’s largest crude producers, will begin a […]
The group, also known as OPEC+, has been cutting production by about 7.7 million barrels per day, with a compliance rate seen at 101% in October, and had planned to increase output by 2 million bpd from January.
OPEC’s secretary general said on Monday an oil market recovery may take longer than hoped as coronavirus inflections rise around the world, and OPEC and its allies would “stay the course” in balancing the market.
The coronavirus pandemic that has slammed oil demand and prices is forcing energy majors to tighten their belts on exploration.
Oil Minister Bijan Namdar Zanganeh yesterday reiterated that the ministry refutes reports that it is to increase the price of fuel oil.
Iran’s Oil Minister Bijan Namdar Zanganeh said the price of feedstocks supplied to refineries across the country would no longer be calculated using the free on board (FOB) system that is widely used in energy trade in the Persian Gulf region.