Oil Dips, But Full Steam Ahead For 2021 Demand Rebound, Say Analysts
by Ship & Bunker News Team
Friday March 12, 2021 Meanwhile, production restraint means massive inventory drainage in Bahamas: File Image/Pixabay Although two key crude benchmarks dipped on Friday and ended the week roughly flat after seven consecutive weeks of gains, oil still settled near
$70 per barrel, supported by optimism for demand recovery during the second half of this year. That, plus production cuts by major producers, resulted in Brent settled down a mild
41 cents to
41 cents to
Jim Ritterbusch, president of
Ritterbusch and Associates, said, “Demand for risky assets such as oil continues to be buoyed by the White House relief package and an almost daily flow of optimistic vaccine headlines.”
Number of active U S drilling rigs decreases this week shanghaisun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from shanghaisun.com Daily Mail and Mail on Sunday newspapers.
Synopsis
With a gain of over 80 per cent in that time, the S&P 500 energy sector is back to levels last seen in February 2020, when the stock market began its plunge as the Covid-19 outbreak took its toll on the economy.
AP
Ample crude supply that weighed on global oil prices and concerns over a push toward green energy were among the factors pulling down energy stocks for most of the past decade.
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THE continued rise in Brent Crude Oil prices is likely to restore and increase the fortunes of some companies operating in the oil and gas (O&G) space.
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