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Oil Extends Bearish Price Series as US Stockpiles Rise for Fourth Week 2021-03-17 19:30:00 David Song, Strategist
Oil Price Talking Points
The price of oil extends the series of lower highs and lows from earlier this week as US crude inventories widen for the fourth consecutive week, but current market conditions may keep oil prices afloat as it continues to track the upward trend established in November. Advertisement
Oil Extends Bearish Price Series as US Stockpiles Rise for Fourth Week
The broader outlook for the price of oil remains constructive as it takes out the 2019 high ($66.60) in March, and crude may continue to exhibit a bullish trend in 2021 as Saudi Arabia stays on track to reduce supply by 1 million b/d until April.
India, UAE vow to strengthen energy cooperation
Reuters/New Delhi Filed on March 17, 2021
India s Oil Minister Dharmendra Pradhan said he also discussed with the Adnoc CEO Sultan Al Jaber ways of strengthening and “providing momentum to (the) bilateral strategic energy partnership” between the two countries. Reuters file
UAE is a key oil supplier to India and a partner in an Indian joint venture that plans to build a 1.2 million barrels per day refinery and petrochemical complex on the country’s west coast
India and the UAE on Wednesday discussed ways to strengthen energy cooperation, India’s oil minister Dharmendra Pradhan said, despite the South Asian nation asking its refiners to reduce their reliance on Middle Eastern oil.
<div class="at-above-post addthis tool" data-url="https://www.metro.us/oil-falls-further-on/"></div>NEW YORK (Reuters) – Oil slipped for a fourth day on Wednesday, weighed down by expectations of weaker demand in Europe and by rising U.S. crude inventories. Several European countries have paused the use of AstraZeneca’s COVID-19 vaccine on worries over possible side effects. Germany is seeing rising coronavirus cases, Italy is imposing a nationwide […]<! AddThis Advanced Settings above via filter on get the excerpt ><! AddThis Advanced Settings below via filter on get the excerpt ><! AddThis Advanced Settings generic via filter on get the excerpt ><! AddThis Share Buttons above via filter on get the excerpt ><! AddThis Share Buttons below via filter on get the excerpt ><div class="at-below-post addthis tool" data-url="https://www.metro.us/oil-falls-further-on/"></div&
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NEW DELHI India and the UAE on Wednesday discussed ways to strengthen energy cooperation, India’s oil minister Dharmendra Pradhan said, despite the South Asian nation asking its refiners to reduce their reliance on Middle Eastern oil.
“(We) discussed about new areas of cooperation in the hydrocarbon sector and beyond, and agreed to remain committed despite the challenges presented by Covid pandemic,” Pradhan said on Twitter after a virtual meeting with Sultan Al Jaber, the chief executive of Abu Dhabi National Oil Co (ADNOC).
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