Oil prices rise to near 1-year highs on vaccines, stimulus, and Saudi Arabian production cuts
Oil prices rose on Wednesday to close to 1-year highs, as data hinted at stronger demand, while more stimulus and production cuts brightened the outlook. It is a remarkable turnaround for oil prices, after demand tanked during the first wave of coronavirus lockdowns, causing the WTI price to fall into negative territory for the first time in the spring of 2020. Click here to read more from Business Insider.
Wall Street Is bullish on oil
Commodity investors are back in full force, with record wagers that crops, metals and oil are set for a rally. A weakening dollar is making materials denominated in the currency more appealing at a time when equities are on a tear and the world is on a path to recover from the coronavirus pandemic. All of that has prompted speculators to pile back into commodity markets, boosting combined bets on rising prices to the highest in at least a decade. Click here to read more from Rigzone.
Brent oil to hit $65 by this summer, according to Goldman Sachs
Goldman Sachs is pulling forward its oil forecast following OPEC’s meeting last week as well as the Georgia run-off elections, both of which the firm said will help neutralize near-term risks. Goldman now sees Brent hitting $65 per barrel by this summer, ahead of prior forecasts for the contract to reach that level by the end of the year. Click here to read more from CNBC.
Arctic oil drilling plans suffer ‘stunning setback’ as almost ‘no one shows up’ for the sale
In a stunning setback to the waning Trump Administration’s long-stated goal of energy independence, a recent auction for oil drilling leases in the Alaskan Arctic attracted no major oil companies. Click here to read more from the Good News Network.