Latest Developments In The Oil Markets

  Oil prices surged gains for the fourth session on Thursday (today), reaching their highest levels in more than 13 months. The price was backed by assurances that US interest rates will remain low and a sharp drop in US crude oil production due to the storm in Texas last week.

Crude oil futures for February rose 0.6 percent to $ 67.41 per barrel, while US West Texas Intermediate crude was up 32 cents, or 0.5 percent, to $ 63.54.

The US Federal Reserve's guarantee that interest rates will remain lower for a while weakened the US dollar, stimulating investors' risk appetite and global stock markets. The Energy Information Administration said on Wednesday that a severe winter storm in Texas caused US crude oil production to drop by more than 10 percent, or about 1 million barrels per day (barrels / day).   -Organization of Petroleum Exporting Countries (OPEC+) and its allies (including Russia) will meet on March 4. -Barclays, said, “We are cautious in the near term due to the risks arising from COVID-19 variants and withdrawal of OPEC support." -Jeffrey Halley, senior market analyst at OANDA Asia Pacific, said, "Oil prices are at higher prices, thanks to moderate Jerome Powell, coupled with the tight physical market." -According to data from the EIA (Energy Information Management Administration), the fuel supply of the United States, the world's largest oil consumer, could contract as it drops to the lowest level since September 2008. -ING analysts , predicted that US crude oil stocks may rise in the coming weeks, as production is expected to recover fairly quickly and refinery capacity is expected to take longer to return to normal.er -Extra voluntary cuts by Saudi Arabia in February and March have narrowed global supply and bolstered prices. Latest Developments In The Oil Markets Source: https://www.reuters.com/ You may also be interested in this:

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