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Oil Prices Retreat As Biden Plans Major Federal Tax Hike oilprice.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from oilprice.com Daily Mail and Mail on Sunday newspapers.
Dick s Sporting Goods shares fall as retailer predicts slowing sales in year ahead (SPY +1.4%). Nvidia stock leads chip rally as tech shares bounce back. The Market in Perspective Here are the headlines moving the markets. How Oil Could Go To $100 Per Barrel In its February Short Term Energy Outlook (STEO), the EIA forecasts this month s world oil consumption at 96.7 million barrels per day (mbpd). The oil supply, however, is much lower, only 93.6 mbpd, with the difference of 3.1 mbpd of necessity being drawn from crude oil and refined product inventories. By historical standards, a sustained draw of 3 mbpd is large, and we would expect prices to be rising under such circumstances. The EIA sees demand continuing to recover at a good pace to mid-year, with July world oil consumption forecast at 98.2 ....