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OPEC+ sees almost full oil-cuts compliance in December
Grant Smith, Bloomberg
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OPEC headquarters in Vienna.Joe Klamar/AFP via Getty Images
OPEC and its partners estimate they implemented 99 percent of their agreed oil-supply curbs in December, according to a delegate who asked not to be named.
The 23-nation alliance known as OPEC+ aimed to withhold 7.2 million barrels a day of crude from the market in January about 7 percent of global supplies. They agreed to increase production by 500,000 barrels from December as part of a plan to ease the cuts.
The compliance data is preliminary and will be reviewed on Tuesday by the group’s Joint Technical Committee.
Oil fell in early Asian trading after the first back-to-back weekly decline since October amid fresh evidence that a resurgence of the coronavirus is taking a toll on economic growth and energy demand.
Crude oil prices consolidate as OPEC+ shows supply curbs compliance
Crude oil prices consolidate as OPEC+ shows supply curbs compliance
February 1, 2021
Price consolidation evident in oil market even as Brent and WTI futures rise by 0.91% and 0.81% respectively.
Concerns over the demand for crude oil continues as the US rig count rises to 295.
OPEC+ compliance of the agreed supply cuts for January is at 99%.
Crude oil prices are on a high as the market reacts to the preliminary data on supply curbs compliance by OPEC+. However, the ongoing demand woes have led the commodity to continue trading sideways. As at 08.02 GMT, WTI futures were up by 0.81% to trade at $52.59. Similarly, Brent futures rose by 0.91% to $55.50.
WTI crude oil futures settle at $53.55 Technical Analysis
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Crude oil futures settle up $1.35 or 2.59% The price of WTI crude oil futures are settling at $53.55. That is up $1.35 or 2.59%. The OPEC had kept to its quotas in January.
OPEC s Joint Technical Committee is due to meet on Tuesday while the policymaking Joint Ministerial Monitoring Committee meets on Wednesday.
Technically, the price is up testing the highs from last week (and the highest level since January 20). The high price last week reached $53.58. The high price for the month of January and the highest level going back nearly a year reached $53.94.
The price since January 8 has been trading in an up and down trading range between $51.40 and $53.94. In between sits the 100 and 200 hour moving averages at $52.60 and $52.67 respectively. Today the price moved back above those moving average levels but has traded above and below those levels since January 26 daily.