The price of crude oil declined slightly after the latest OPEC+ meeting. The leaders met during the weekend and agreed to gradually ease some of its production cuts between May and July.
Brent Oil advanced near $60 a barrel as global supplies tighten and the demand outlook improves with the rollout of Covid-19 vaccines.
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 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.
WTI Crude Oil Above 43.65 Next Target $45——$47 (Buy on Dips) – crude oil prices entered a brief consolidation after hitting a key chart resistance level at US$ 46.30.
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.