oil prices

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Oil prices extend rise ahead of storage data

Both benchmark oil contracts were close to their highest in about a year on Wednesday, boosted by a draw in U.S. crude and gasoline stocks, which fuelled demand recovery hopes as OPEC+ has forecast that the market will be in deficit in 2021. …

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Oil prices up over easing of supply glut fears

Oil prices ticked up supported by Saudi Arabia’s pledged production output cut, which came into force as of Feb. 1, soothing investor fears of a supply glut. International benchmark Brent crude was trading at $56.92 per …

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Compensatory cuts boost confidence in OPEC+ agreement

Oil in New York inched higher with investors assessing the impact of supply curbs from Iraq and Libya on the near-term outlook. Iraq pledged to cut output in January and February after pumping more than its OPEC+ quota last year, and Libyan guards halted some crude exports after a pay dispute

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Ann-Louise Hittle on how the oil market to play out in 2021

Oil prices have tripled in nine months. Brent averaged just US$18/bbl last April, as demand collapsed and the market was swamped with crude. As the effects of the pandemic unfolded, the mood turned increasingly bearish. Ann-Louise Hittle, Head of Macro Oils, was among those who saw light at the end of the tunnel, anticipating that it wouldn’t last and that oil prices would stage a strong recovery inside 12 months

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Brent crude exceeds $57 first time since Feb 24

The price of futures contracts of Brent crude oil for March 2021 on London’s ICE went up by 0.42% compared to the previous closing, reaching $57.07 per barrel, according to the trading data. This is the first time the price of …

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EIA revises crude price forecast higher

The U.S. Energy Information Administration (EIA) revised its crude price forecast higher in its in its monthly Short-Term Energy Outlook amid tightened supply outlooks and upward-trending demand projections. The EIA now expects Brent …

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UAE raises benchmark crude prices

United Arab Emirates raised pricing for February sales of its main crude grade after similar increases by Saudi Arabia, OPEC’s largest producer. Government-owned Abu Dhabi National Oil Co. set Murban crude at a premium of 75 cents …

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Brent oil rises to highest since February

Brent oil prices rose on Wednesday to the highest since February after Saudi Arabia agreed to make bigger cuts in output than expected during a meeting with allied producers, while industry data showed U.S. crude stockpiles fell last week. …

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Average Urals price down 34.4% over 2020

The average Urals oil price plummeted by 34.38% year-on-year in 2020 to $41.73 per barrel, the Russian Ministry of Finance said. "The average price of the Urals oil blend in January - December 2020 evolved as $41.73 per barrel; in …

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Oil slides amid Covid-19

Oil prices slipped from multi-month highs in volatile trade on Monday as U.S. stocks fell near 2% on concerns over the outcome of runoff elections in Georgia, CNBC writes in the article Oil slides as oil-producing group delays output decision. The oil market pared earlier losses after the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, could not decide on Monday whether or not to increase output in February and will meet again on Tuesday. Brent futures fell 50 cents, or 1.0%, to $51.30 a barrel, while U.S. West Texas Intermediate (WTI) settled 1.85%, or 90 cents, lower at $47.62 per barrel

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Novak: OPEC+ deal saves energy market

The OPEC+ deal on oil output cuts reached last year saved the global energy sector from a collapse and prevented oil prices from dropping below zero, Russian Deputy Prime Minister Alexander Novak said in an interview with RBC TV. …

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Oil prices up ahead of OPEC+ meeting

Oil prices increased on Monday ahead of an OPEC+ meeting, as the world’s biggest oil producers are expected to keep the production quota in February unchanged amid weak oil demand caused by the global pandemic crisis. …

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Oil up on hopes of recovery in demand

Oil gained more ground on Wednesday as a U.S. coronavirus fiscal aid package and a decline in crude oil inventories lifted prices. Brent crude futures rose 19 cents, or 0.4%, to $51.28 a barrel, by 0255 GMT and WTI crude rose 29 …

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3 Reasons why oil could see an end of year rally

Crude oil futures have been edging higher over the past few weeks, defying the usual trend of profit-taking ahead of the Christmas holidays. WTI was trading as high as $49.20 on Friday's session with Brent crude quoted at $52.40, levels they last touched in February before the oil price crash, Oil Price writes in the article 3 Reasons Why Oil Could See An End Of Year Rally

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Oil price range optimum for Russia named

Russia’s government considers the oil price range of $45-55 per barrel optimum in the current market situation, which allows preventing the market from overheating, on the one hand, and supporting producers, on the other hand, Russian …

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