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Tag Archives: OPEC

Oil Hits 13-Month High on Middle East Tensions

Oil prices jumped on Monday to their highest in 13 months, as traders were nervous about tensions in the Middle East, after the Arab coalition announced on Sunday it had intercepted and destroyed around ten drones launched by Yemen Houthis towards Saudi Arabia. Risk appetite was also boosted by reports …

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Oil Prices Hit $56/barrel as US Inventory Falls

Oil prices rose more than 0.5% on Wednesday, with WTI trading near $53 a barrel and Brent crude above $56 a barrel, after the American Petroleum Institute data showed crude oil inventories in the United States unexpectedly fell by 5.3 million barrels in the week to January 22nd. Also, traders …

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Nigerian Oil Major Focuses On Condensates To Offset OPEC Cuts

The Nigerian National Petroleum Corporation has decided to focus its attention on condensates production to compensate for lost revenue from oil exports due to the country’s commitment to the OPEC+ production cut deal. Nigerian daily This Day quoted the managing director of the NNPC as laying out this plan, and noting a boost …

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Oil Prices Extend Loss as Inventories Rise

Oil prices fell more than 1% on Wednesday, extending the prior session’s losses, after industry data showed an unexpected 2.7 million barrel build in US crude inventories for the week to December, 18th. Investors were also nervous following reports that US President Donald Trump rejected the $900 billion stimulus bill. …

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Brent Crude Price Hits $50/barrel

Oil prices advanced on Monday, with WTI crude trading nearly $47.0 a barrel while Brent crude staying around $50.0 a barrel at around 06:15 AM GMT, buoyed by hopes that a rollout of COVID-19 vaccine globally will improve global crude demand. The US has kicked off its vaccination campaign against …

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Oil Prices Recovering on Covid-19 Vaccine Optimism

WTI crude futures rebounded from earlier losses to trade higher at $46.1 a barrel on Wednesday, amid optimism over coronavirus vaccines and renewed hopes a new stimulus bill in the US could be approved soon. US FDA said Pfizer/BioNTech Covid-19 vaccine “met the prescribed success criteria” clearing it for emergency …

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Oil Prices Declines Further as OPEC Delayed Output Policy Talks

Oil prices fell on Tuesday, extending its prior losses, amid uncertainty about whether major oil producers would agree to extend its deep output cuts. Reuters reported Monday that the cartel delayed output policy talks until Thursday, as key players were still in disagreement on how much oil they should produce. …

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Oil Prices Fall $45/barrel as OPEC Ministers Meet Tuesday

Oil prices came under pressure on Monday, with WTI crude falling towards $45 a barrel on doubts whether OPEC and other oil-exporting countries could agree in postpone its planned production increase in January. The cartel is due to meet this week to discuss such move in the light of a …

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Oil Prices Fall on Global Demand Concern

Oil prices fell more than 1% on Monday, amid mounting fears over weakening global demand as the number of COVID-19 cases US surged in North America and across Europe. The US saw its highest number of virus cases in two days through Saturday, while new infections in France hit a …

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