Oil set for slow recovery as vaccines rolled out

Oil set for slow recovery as vaccines rolled out”

Past news regarding Saudi Arabia (unilateral oil output cut), the decision of the OPEC+ to refrain from increasing oil production and further USA fiscal stimulus already anticipated by traders collaborated with the upbeat mood surrounding the commodity, particularly in the first half of the new year.

Meanwhile, a hefty drop in US crude stockpiles lent a support to prices.

Brent crude for March delivery decreased 28 cents to close at 55.53 dollars a barrel on the London ICE Futures Exchange. The Brent March contract expires on Friday.

United States crude rose 1.1% to $53.19 a barrel, after opening at $52.62, and hit a low of $52.25, and Brent crude rose 1.3% to $56.26 a barrel, after opening at $55.56, and hit a low of $55.34. The more active April contract was up 25 cents, or 0.4%, at $55.35.

At the moment the barrel of WTI is gaining 1.37% at $53.33 and faces the next hurdle at $53.90 (2021 high Jan.13) seconded by $54.45 (monthly high Feb.20) and finally $59.61 (high Jan.20 2020).

More news: Apple’s New iOS 14 ‘BlastDoor’ Security System Reinforces iMessage Integrity

"Restrictions on the demand side because of lockdowns are countered by a sufficient reduction in supply. preventing prices from falling or rising to any significant extent", said Commerzbank analyst Carsten Fritsch.

According to Commonwealth Bank analyst Vivek Dhar, the Saudi cut effectively means OPEC+ supply cuts will rise from 7.2 million bpd in January to 8.125 million bpd in February.

Saudi Arabia is set to cut output by 1 million barrels per day (bpd) in February and March, and compliance with output curbs by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, has improved in January.

"The expected rebound in global oil demand depends a great deal on the pace of COVID-19 vaccine distribution", said Stephen Brennock of broker PVM.

The estimated small reduction in the United States oil production in February and the drawdown in the USA oil inventories to 9.9 million barrels last week are also helping to support the fuel market.

Like this



30 January 2021
Coronavirus Ireland: 79 further deaths and 1,414 new cases confirmed
The U.S. vaccination program got off to a slow start in December and has accelerated to around 1 million shots per day nationwide. This Sept. 2020 photo provided by Johnson & Johnson shows a scientist in Janssen laboratory in Leiden, The Netherlands.

30 January 2021
EU Backtracks On Restricting Vaccines To Northern Ireland
Northern Ireland's health minister Robin Swann spoke to the UK Health Secretary Matt Hancock on Saturday to seek reassurance on vaccine supplies.

30 January 2021
'Game Of Thrones' Animated Series Heading To HBO Max?
It has also been highly successful in awards shows over the years, bagging 12 Emmy Awards which includes Best Drama Series. It is set 300 years before the events that was featured in the first " Game of Thrones " series.

30 January 2021
UAE gov't adopts amendments to grant citizenship to investors and other professionals
It is also mandatory to obtain a recommendation letter from recognised scientific institutions in the UAE. Thousands of expatriates left the UAE after its economy was hit hard by the pandemic and low oil prices.

30 January 2021
Kamala Harris’ Stepdaughter Ella Emhoff Signs Deal with IMG Models
Emhoff is the daughter of Vice-President Harris's husband Doug Emhoff and his first wife, film producer Kerstin Mackin. Emhoff now joins Gorman at IMG, the young poet who also caught viewers' attention at President Biden's inauguration.

30 January 2021
NASA Is About To Land A Historic Rover On Mars
The Mars 2020 mission belongs to a larger program involving missions to the Moon to introduce the Red Planet's human exploration. Astrobiology is a key goal of Perseverance's mission on Mars, including the pursuit of ancient microbial life indications.

30 January 2021
McCarthy, Trump Meet to Discuss ‘Taking Back the House’ in 2022
But it appears he intends to maintain his influence within the Republican Party. Pro-Trump Republicans will hold huge sway in the coming years.

30 January 2021
Samsung Galaxy M21 Now Receiving OneUI 3.0 Update Based on Android 11
Android OEMs follow staged roll-out for software updates, so you may or may not have received the update on your unit. Talking of specs, the Galaxy Note 10 Lite sports a 6.7-inch 2400 x 1080 punch-hole display with a 32 MP camera.

30 January 2021
Canada expects further Pfizer vaccine delay, prompting protests
Conservative Leader Erin O'Toole said the government needs to be more transparent about its vaccine contracts. A total of 40 million have been ordered, with the first shipment set to arrive next week, officials said.

30 January 2021
11 soldiers injured after ingesting 'unknown substance' at Fort Bliss, Army says
Our commitment to our Soldiers and Families remains our number one priority as we work to understand what occurred January 28'. Eleven Fort Bliss soldiers are in the hospital after ingesting an unknown substance, base officials said .