Oil Prices Climb As OPEC+ Holds Firm on Output Cuts
The OPEC+ group will not hold a full ministerial meeting on Wednesday as planned, delegates at the Joint Ministerial Monitoring Committee (JMMC) agreed at their meeting on Tuesday, signaling confidence in the current plans to ease the production cuts as of May despite surging COVID cases in major oil importer India. Click Here to read more from Oil Price.
Oil Prices Buoyed by OPEC+ Confidence, Traders Await Storage Data
Oil futures pushed higher Wednesday, finding support after the Organization of the Petroleum Exporting Countries and its allies stuck with plans to continue gradually easing production curbs, signaling confidence in the demand outlook despite a surge in COVID-19 cases in India. Click Here to read more from Market Watch.
Goldman Sachs Forecasts the Biggest Jump in Oil Demand Ever
Goldman Sachs is forecasting the largest jump in oil demand on record as the world opens up again amid the Covid-19 vaccination rollout. The firm is raising its outlook on oil based on this expected upswing in demand. “The magnitude of the coming change in the volume of demand — a change which supply cannot match — must not be understated,” it said Wednesday in a note to clients. Click Here to read more from CNBC.
Oil Prices Rise As Demand Outlook Offsets COVID Worries
Oil prices rose on Wednesday as expectations of rising fuel demand offset concerns about the impact of a surge in India’s coronavirus cases and higher U.S. crude inventories. Brent crude futures were up 58 cents, or 0.87%, to $67.00 a barrel at 1152 GMT, after rising 1.2% on Tuesday. U.S. West Texas Intermediate (WTI) crude futures rose 67 cents, or 1.06%, to $63.61 a barrel, after gaining 1.7% in the previous session. An OPEC+ decision to stick to plans for a phased easing of oil production restrictions from May to July underscored the group’s confidence in a recovery in global demand. Click Here to read more from Reuters.