Page 18 - Ben Luckock News Today : Breaking News, Live Updates & Top Stories | Vimarsana

More than 4 million barrels a day of output -- almost 40% of US crude production -- is now offline, according to traders and executives.

North Sea crude sees lively start to 2021 as spot trading intensifies Spot trading of physical crude that underpins Dated Brent has started 2021 recording the highest activity seen in the last five years for the key North Sea benchmark, according to data compiled by S&P Global Platts. As the recovery of the oil market gathers pace, boosted by a gradual pickup in demand, oil companies and trading houses have adopted a more hands-on strategy but questions remain whether this pattern can be sustained. The buzz has been seen in the S&P Global Platts Market on Close process, which is the main trad...

Brent crude is up for an eighth day, the longest run in a year.

-    A federal court rejected a bid from Indigenous tribes to halt the construction of Enbridge’s (NYSE: ENB) Line 3 pipeline. -     Tuesday, February 9, 2021  Brent topped $60 per barrel on Monday, hitting a fresh high. OPEC+ cuts combined with enhanced expectations of U.S. economic stimulus pushed crude oil up. The market continues to tighten. “Support seems robust and the narrative sees the oil market swiftly burning through the remaining crisis-surplus, potentially running into tightness later this year,” Norbert Rücker, an analyst at Swiss bank Julius Baer, told Reuters.  ...

2020's economic crisis triggered by the coronavirus was the worst the petroleum industry has ever seen. Fuel demand crashed by a fifth, prices slumped below zero, and more than a billion surplus barrels poured into storage tanks worldwide. In spite of all this, oil is posting a remarkable 2021 recovery.