IST TIME FOR $61 ??????
Oil surges as OPEC+ keep cuts in place. Saudi Arabia kept oil shipments to Asia unchanged even as the market has tightened, sending oil prices higher this week. t looks like, at every turn, Saudi seems to want to support the market M, energy trader with LPS Futures, told Bloomberg. “If demand really picks up, we could be short oil pretty quickly, because U.S. production isn’t going to come back fast.”
At the same time, division may increase between OPEC+ members as prices continue to rise.
Last week at this time, the spot price for Brent was just $55.04. The near $5 gain is due to a combination of factors, including a large crude oil inventory decrease in the United States, continuing OPEC+ production restraint, Aramco’s price hike to crude for Europe, U.S. traders drunk on stimulus chatter, and whispers of an overall tightening oil market.
These are bullish signals indeed. But can this uptrend last amid lockdown extensions and oil demand that just isn’t there yet?
Oil surges as OPEC+ keep cuts in place. Saudi Arabia kept oil shipments to Asia unchanged even as the market has tightened, sending oil prices higher this week. t looks like, at every turn, Saudi seems to want to support the market M, energy trader with LPS Futures, told Bloomberg. “If demand really picks up, we could be short oil pretty quickly, because U.S. production isn’t going to come back fast.”
At the same time, division may increase between OPEC+ members as prices continue to rise.
Last week at this time, the spot price for Brent was just $55.04. The near $5 gain is due to a combination of factors, including a large crude oil inventory decrease in the United States, continuing OPEC+ production restraint, Aramco’s price hike to crude for Europe, U.S. traders drunk on stimulus chatter, and whispers of an overall tightening oil market.
These are bullish signals indeed. But can this uptrend last amid lockdown extensions and oil demand that just isn’t there yet?
