WTI futures are traded at $55.84 per barrel, up 2.2%.
The meeting of the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ oil production limiting agreement ended earlier today. The key function of the committee headed by Russia and Saudi Arabia is to control performance of the deal.
Oil Mixed, API Shows Draw of Over 4 Million Barrels Published February 3rd, 2021 - 01:30 GMT
Crude oil supply data from the American Petroleum Institute showed a draw of 4.261 million barrels for the week ending Jan. 29. (Shutterstock)
Oil was mixed Wednesday morning in Asia, after expectations that global oil stocks will stabilize and progress in the U.S. towards passing U.S. President Joe Biden’s $1.9 trillion stimulus package fueled earlier gains.
Brent oil futures were down 0.22% to $57.67 by 10:43 PM ET (3:43 AM GMT) while WTI futures were up 0.35% to $54.95. Both Brent and WTI futures remained above the $50 mark.
In the first step towards passing the package, the Senate voted to open debate on a fiscal 2021 budget resolution with coronavirus aid spending instructions. With the vote split 50 to 49 along party lines, it is also an indication that the Democrat-majority chamber will advance the bill without Republican support.
Oil extended gains after closing at the highest level in more than a year as declines in American and Chinese crude stockpiles added fresh impetus to a rally driven by tightening global supplies.
(Bloomberg) Oil extended gains after closing at the highest level in more than a year as declines in American and Chinese crude stockpiles added fresh impetus to a rally driven by tightening global supplies.
Futures in New York edged above $55 a barrel after jumping almost 5% over the previous two sessions in tandem with a broader rally in financial markets. The American Petroleum Institute reported crude inventories fell by 4.3 million barrels last week, people familiar with the data said. Chinese stockpiles have dropped to the lowest in almost a year, according to data provider Kayrros.
Wed, 3 February 2021 | Written By: Neil Wilson
Neil is chief market analyst for Markets.com and also writes for the Investors Chronicle as ‘The Trader’, with the daily market outlook published online each morning.
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So, while the EU drags its feet, points blame, raises threats of vaccine export controls and criticises the Oxford University vaccine for being ineffective and suggests the British were taking risks with rushing approvals, the UK is quietly getting on with it. 10m vaccinated and counting. And new research suggests the AstraZeneca vaccine is not only very effective but also slows the spread of the virus. The impact on transmission matters a lot to making things normal quick
Feb 3, 2021 19:42 GMTFXStreet News
WTI surged above $56.00 on Wednesday amid a cocktail of bullish developments.
Though WTI has now slipped back to closer to $55.50, it still trades with solid gains on the day and week.
WTI surged for a third straight day on Wednesday, rallying from around the $55.00 mark during early European trading hours to as high as the $56.30s in wake of the 14:00GMT crude oil pit open (which is often followed by increased volume). However, in recent trade, it appears as though some long have been taking profit and WTI has slipped back to closer to the $55.50 mark.
Still, on the day front-month WTI crude oil futures are up more than 1.5% and trade with gains of well above 6.0% on the week. Needless to say, crude oil hit fresh 12-month highs on Wednesday and the longer-term bulls will be targeting the January 2020 highs just under $66.00.