Crude oil prices sapped over investors concern on rising coronavirus cases business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Oil futures climb Wednesday, with U.S. prices ending above $50 a barrel for the first time in 11 months, as weekly U.S. crude supplies dropped by 8 million barrels, down a fourth straight week. Prices also continue to find support from Saudi Arabia's unilateral production cut.
Crude oil prices are at a 1-year high as Saudi Arabia pledges output cut
January 6, 2021
Crude oil prices are at a 1-year high as the futures rise past the $50 psychological level.
Saudi Arabia will cut output by 1 million bpd; Russia and Kazakhstan will increase supply by 75,000 bdp.
API has released bullish data showing a decline of crude oil inventories by 1.663 million barrels.
Crude oil prices are trading at a one-year high as a reaction to Saudi Arabia’s announcement that it will cut its output by 1 million bpd in February and March. At the same time, the API has indicated a drop in US oil inventories. As of 07.05 GMT, WTI crude oil futures were trading slightly above the psychological level of $50 at $50.15. Brent futures also rose by 0.90% to trade at $54.00. Later in the day, investors will be keen to see how the market reacts to EIA’s stockpiles figures.
API sees 4 8 million barrel fall in U S oil inventories: reports marketwatch.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketwatch.com Daily Mail and Mail on Sunday newspapers.