Oil Market

The oil price rally of 2021 Is far from over

The oil price rally of 2021 Is far from over

Even though oil prices have recently reached their highest levels in several years, they still can soar further this winter. Analysts believe that the short-term market fundamentals support this view. As stocks deplete, inventories worldwide have plummeted to below the pre-pandemic five-year average, with demand rising back despite a poorer supply response from manufacturers. The …

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US oil prices finally exceeded $ 40

Oil Hits Multi-Year High on OPEC+ Restraint

Oil hit a multi-year high above $83 per barrel on Wednesday, bolstered by OPEC+’s refusal to ramp up production more quickly against a backdrop of global worry about oil supply. The market eventually reversed those gains due to an American Petroleum Institute (API) data showing increased crude stocks in the United States and, according to …

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Oil prices recover from three-week lows

The Longest Losing Streak Since 2020 – Oil Prices Fell

Oil prices drop for the sixth day in their extensive losing streak since February 2020. The sharp increase in COVID-19 cases has raised fears of declining fuel demand. After hitting the lowest earlier in the session, Brent crude was down 1.6%, at $ 67.12. U.S. West Intermediate crude (WTI) fell 2.1%, to $ 64.11. WTI …

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