Brent Oil Tops $50 for the First Time since March, Boosts Energy Sector
Brent crude exceeded $50 a barrel for the first time in nine months on hopes of a faster demand recovery following the release of COVID-19 vaccines. Energy Select Sector SPDR…
OPEC+ Agree to Small Oil Production Hikes Next Year
OPEC+ will add 500,000 barrels a day of oil output in January, giving the market more time to absorb the extra supply, according to Bloomberg Quint. The hike is a…
Vaccine Hopes Rekindle Oil Prices for the Third Week
Brent crude futures gained 28 cents or 0.6%, at $44.46 a barrel at 1027 GMT, and were on track for a third consecutive weekly rise following successful COVID-19 vaccine trials,…
OPEC+ Opens Talks to Weigh Options to Support Oil Market
The Organization of Petroleum Exporting Countries and allies started meetings on Monday to explore further action to support the oil market in 2021 as the secondary coronavirus wave weighs on…
OPEC Cuts Global Oil Demand in 2020 as Pandemic Recovery Looks Bleak
Rising coronavirus cases and weaker-than-expected economic outlook have prompted OPEC on Wednesday to lower global oil demand forecasts for the end of 2020 and for 2021. According to press release…
OPEC under Pressure to Ease Oil Output Cuts Despite Weak Demand Outlook
OPEC is piling pressure on its members and allies to delay or water down output cuts planned for January, according to Bloomberg. OPEC and its allies had cut 2021 forecasts…