February 11, 2021
After rapidly approaching the $60 per barrel level, crude oil is pulling back on Thursday, even as data suggests that global oil stocks are predicted to quickly draw down in the second half of this year as demand climbs.
Crude oil futures are down 0.6% to $58.32 per barrel, while stock ETFs and other energy futures are declining as well on Thursday. The pullback comes after nine consecutive day higher, which has seen crude rally 14%.
The news creates an environment for the oil cartel, OPEC+, to lessen production limits even if higher prices lure producers from outside the group into increasing production, the International Energy Agency (IEA) said on Thursday.
Crude oil takes out a technical resistance level on the weekly chart The factors that point to higher The threats that could create a selloff Bulls are winning, but it will be a bumpy road higher At this time in… Read more ›
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