Crude Oil MCX Tips Today : Almost Hit All Target, Enjoy Crude Oil High 4245, Crude Oil prices rose on Monday to their highest in just over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures that can boost demand.
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Crude Oil MCX Tips Today
“Crude Oil yesterday settled up by 0.75% at 4141 as prices climbed to their highest levels in a year, boosted by the continued commitment of producers to hold back crude supply and positive signs of economic growth in the United States.
Markets were encouraged by stronger-than-expected orders for U.S. goods in December, pointing to strength in manufacturing, and hopes for swift approval by lawmakers of President Joe Biden’s proposed $1.9 trillion coronavirus aid plan.
- Crude Oil gains on strong U.S. economic data, falling inventories and the OPEC+ decision to stick to its output cuts.
- Markets were encouraged by stronger-than-expected orders for U.S. goods in December, pointing to strength in manufacturing.
- OPEC+ sticks with oil policy as prices rise towards one-year high.
OPEC+ maintained its oil output policy, a sign producers are happy that their deep supply cuts are draining inventories despite an uncertain outlook for a recovery in demand as the pandemic lingers.
A Joint Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is “”optimistic for (a) year of recovery in 2021,”” OPEC said in a statement after the panel met virtually.
Ministers led by Saudi Arabia and Russia struck a note of cautious optimism about global oil markets and “”stressed the importance of accelerating market re-balancing without delay.”
” U.S. crude oil stockpiles fell while gasoline inventories jumped unexpectedly, the Energy Information Administration said.The crude draw, along with a rise in refining output, points to demand recovery.
Brent was up 68 cents, or 1.2%, at $60.02 a barrel by 1442 GMT, while U.S. West Texas Intermediate rose 68 cents, or 1.2%, to $57.53 a barrel.
“Managing to breach $60 again feels like the market is finally resurfacing after the long struggle and (taking) a proper breath,” said Rystad Energy’s vice president for oil markets Paola Rodriguez Masiu. “It offers a feeling of normality again.”
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