Brent Oil advanced near $60 a barrel as global supplies tighten and the demand outlook improves with the rollout of Covid-19 vaccines.
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Crude Oil Prices May Extend Gains as Investors Eye OPEC JMMC Meeting
VACCINE PROGRESS TO UNDERPIN OIL PRICES
Crude oil prices have stormed higher since falling to multimonth lows at the start of November, climbing over 40% in the last 6 weeks on the back of positive Covid-19 vaccine progress and the decision by OPEC+ to ease output cuts more moderately than expected.
Crude Oil Steady Near $47 Ahead of U.S. Coronavirus Vaccine Rollout
Crude Oil was steady in New York ahead of the rollout of the first Covid-19 vaccine in the U.S., raisingoptimism of a recovery in fuel demand in the world’s biggest crude consumer.
Regulator says 91% of U.S. Gulf crude oil production remains shut after hurricane
The U.S. Bureau of Safety and Environmental Enforcement (BSEE) said 91% of offshore crude oil production remains shut in the U.S.-regulated northern Gulf of Mexico following Hurricane Delta, which made landfall on Friday.
Hedge funds cut bullish bets on U.S. crude as demand outlook worsens
Crude as demand outlook – Hedge funds and money managers cut bullish wagers on U.S. crude, data showed on Friday, as rising coronavirus cases around the world weakened the demand outlook, and a rise in OPEC output last month also weighed on the market.
Oil Edges Higher on U.S Stockpiles Build and OPEC+ Compliance
Oil edged higher after a report pointed to a drop in U.S. crude stockpiles and on signs that additional supply from OPEC+ next month won’t be as much as previously anticipated.
Oil Tumbles After Biggest ETF Said It Is Exiting June Contract
Futures in New York slid as much as 30%, snapping a four-day recovery as the United States Oil Fund LP said it will move all the money it invested in the front-month June WTI oil contract starting today, triggering a massive swing in the price relationship between the June and July contracts.