Connect with us

Hi, what are you looking for?

Commodities & Futures

Oil Market Counts Down to Critical OPEC+ Meet With WTI Near $61

Commodities11 hours ago (Mar 03, 2021 07:00PM ET)

(C) Reuters Oil Market Counts Down to Critical OPEC+ Meet With WTI Near $61

(Bloomberg) — Oil traded near $61 a barrel as traders waited for a critical OPEC+ production-setting meeting later Thursday with no clear steer as to how much supply the cartel will bring back to a fast-tightening market.

West Texas Intermediate fell 0.4% after rising 2.6% Wednesday, when prices got a lift from a slump in U.S. fuel inventories. Group leaders Saudi Arabia and Russia held talks Wednesday seeking common ground on output as Riyadh urges caution but Moscow seeks to raise supply, according to a delegate.

See also: OPEC+ Silence Has Oil Market Second-Guessing Next Move

Crude has surged this year after the Organization of Petroleum Exporting Countries and its allies slashed collective output to drive a rebalancing of the pandemic-roiled market. The aggressive supply management has helped to drain inventories, while worldwide demand recovers with the roll-out of vaccines. That’s spurred widespread expectations that the single largest actor in the global energy market will now loosen the taps.

Veteran OPEC-watchers still expect some extra barrels from the group, and there’s little chance output will be held at current levels. There are two elements to its debate: first, will the cartel proceed with a 500,000 barrel-a-day collective output hike in April? And second, how will Saudi Arabia phase out the extra cut of 1 million barrels a day it’s been making voluntarily?

The backdrop to the high-stakes meeting is a steady procession of indicators that oil consumption is on the mend. Among recent figures, data showed U.S. commutes are slowly returning to normal as states reopen, while the rate at which people are staying home fell to the lowest since Nov. 12.

(C)2021 Bloomberg L.P.

Oil Market Counts Down to Critical OPEC+ Meet With WTI Near $61

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt.

Uncategorized

Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione.

Uncategorized

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum.

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora.

Disclaimer: Buzzclever.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Buzz Clever. All Rights Reserved