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Light Crude Settles Near $55


Oil climbed to the highest level in over a year.
(Bloomberg) Oil climbed to the highest level in over a year as tightening global supplies and signs of strength in physical markets aided crude’s virus-recovery rally.
Futures rose 2.3% in New York, earlier rising above $55 a barrel for the first time in a year. Crude has been climbing steadily since late last year as coronavirus vaccines and producers’ supply curbs boost expectations of a tighter market. OPEC and its allies expect to drain an oil surplus by the middle of the year.
Meanwhile, there continues to be signs of strength in the market for physical barrels of oil, with Royal Dutch Shell Plc bidding for more cargoes of benchmark-grade North Sea crude on an S&G Global Platts pricing window. The bids come a day after the oil major staged the heaviest buying by a single company since at least 2008. ....

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Strategy paid off for OPEC+, but tough choices loom


Strategy paid off for OPEC+, but tough choices loom
OPEC S headquarters in Vienna.
OPEC and its allies can celebrate their success in buoying world oil markets when they gather this week. But the coalition will soon be faced with some tough choices.
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Last month’s pledge by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman to slash production by a further 1 million barrels a day has buttressed global markets against the latest onslaught from the pandemic. A price rebound to $57 a barrel in London is shoring up the producers’ revenues.
While that relieves OPEC+ of any need to adjust policy on Wednesday, it’ll need to start considering how long to restrain output a calculation clouded by the potential return of supply from fellow member Iran. ....

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Новогодний подарок рынку. ОПЕК+ приняла неожиданное решение о сокращении добычи нефти в феврале-марте 2021 г.

Новогодний подарок рынку. ОПЕК+ приняла неожиданное решение о сокращении добычи нефти в феврале-марте 2021 г.
neftegaz.ru - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from neftegaz.ru Daily Mail and Mail on Sunday newspapers.

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The Week Ahead: Housing data, Cenovus-Husky shareholder meeting


The Week Ahead: Housing data, Cenovus-Husky shareholder meeting
Alicia Harvey, Senior Producer, BNN Bloomberg
A For Sale sign is displayed outside a home in the Le Plateau Mont-Royal borough of Montreal, Quebec, Canada, on Saturday, April 14, 2018. An economic revival in Canada s second-biggest city is fueling a long-awaited real-estate renaissance, shrinking inventories, speeding up sales and luring foreign buyers. Photographer: Christinne Muschi/Bloomberg
, Bloomberg
Monday, December 14
- The International Economic Forum of the Americas – Conference of Montreal
- OPEC’s Oil Market Report
Tuesday, December 15
- Notable data: Housing starts (Nov), Manufacturing Sales & Orders (Oct), Existing Home Sales – MLS Home Price Index (Nov), FOMC Meeting begins, Empire State Manufacturing survey (Dec) ....

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