Oil is currently balancing between future hopes, beliefs, and convictions versus a current dire situation. It is a balance between current weakness versus projections and hopes for future strength say some analysts. WTI is $53.15; Brent is $56.21
Oil in New York inched higher with investors assessing the impact of supply curbs from Iraq and Libya on the near-term outlook. Crude was also buoyed by a renewed climb in global equity markets as investors focused on the prospect of additional stimulus. WTI is $52.44; Brent is $55.58
It may be the oil market’s worst-kept secret: millions of barrels of Venezuelan heavy crude, embargoed by the U.S., have been surreptitiously going to China. It involves “doping” the oil with chemical additives and changing its name in the paperwork so it can be sold as a wholly different crude without a trace of its Venezuelan roots. WTI is $51.61; Bent is $54.75
U.S. crude oil inventories rose 2.6 million barrels in the week to Jan. 15, according to data from industry group the American Petroleum Institute, compared with analysts’ forecasts in a Reuters poll for a 1.2 million barrel fall. WTI is $52.93; Brent is $55.65
Traders have piled into oil this year, with output cuts from Saudi Arabia helping drive prices to the highest since February. Virus vaccines have boosted both oil demand and the global economy, and U.S. Treasury Secretary nominee Janet Yellen called on lawmakers to “act big” on stimulus on Tuesday. As long as investors believe vaccinations will bring back normal life at some stage later this year every setback is used to buy into the market. WTI is $53.59; Brent is $56.36
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