Thursday, September 21, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home OPEC

Oil rises 1%, hits highest in a year on growth hopes, OPEC+ output cuts

1 year ago
in OPEC
Oil rises 1%, hits highest in a year on growth hopes, OPEC+ output cuts
Share on FacebookShare on Twitter


NEW YORK (Reuters) – Oil prices rose about 1% on Friday, after hitting their highest in a year and closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies.

Oil was also supported as U.S. stock markets hit record highs on signs of progress toward more economic stimulus, while a U.S. jobs report confirmed the labor market was stabilizing.

Brent crude ended the session up 50 cents, or 0.9%, at $59.34 after hitting its highest since Feb. 20 at $59.79. U.S. crude settled up 62 cents, or 1.1%, at $56.85, after reaching $57.29, its highest since Jan. 22 last year.

U.S. crude futures gained about 9% this week, the biggest percentage gain since October, in part due to U.S. inventories last week dropping to levels last seen in March. [EIA/S]

Brent rose about 6% for the week.

“Brent is eyeing the $60 level now that OPEC+ has successfully eased most supply side concerns and optimism on the COVID front improves globally,” said Edward Moya, senior market analyst at OANDA in New York.

“The fundamentals remain solid for crude, but a consolidation seems likely given the recent runup.”

The last time Brent traded at $60 a barrel, the pandemic had yet to take hold, economies were open and demand for fuel was much higher.

The rollout of COVID-19 vaccines has fed hopes of demand growth, but even optimists, such as the Organization of the Petroleum Exporting Countries which expects a market deficit throughout 2021, do not expect oil consumption to return to pre-pandemic levels until 2022.

“What is really helping the market today, and is a more valid reason for the price rise we see, once again comes from Saudi Arabia and its top firm, Aramco,” said Rystad Energy’s head of oil markets Bjornar Tonhaugen.

Aramco raised its Arab Light official selling price (OSP) to Northwest Europe for March by $1.40 a barrel from the previous month. This could signal Saudi Arabia is more confident in the demand outlook, feeding bullish sentiment, Tonhaugen said.

OPEC and allies, collectively known as OPEC+, stuck to their supply tightening policy at a meeting on Wednesday. Record OPEC+ cuts have helped lift prices from historic lows last year.

“OPEC+ discipline has been a real positive,” said Michael McCarthy, chief market strategist at CMC Markets.

The U.S. oil rig count, an early indicator of future output, has risen for five straight months. This week, the number of rigs rose by four to 299, the highest since May, according to energy services firm Baker Hughes Co. [RIG/U]

The pace of recovery in the world’s top producer, however, is slow. The government this week projected U.S. crude output will not to top its 2019 record of 12.25 million barrels per day until 2023. Production in 2020 tumbled 6.4% to 11.47 million bpd.

Additional reporting by Alex Lawler in London, Sonali Paul in Melbourne, Roslan Khasawneh and Koustav Samanta in Singapore; Editing by Marguerita Choy, Emelia Sithole-Matarise and David Gregorio



news.google.com

Latest Oil News

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
Tags: Commodities News (3rd Party)Crude OilcutsEnergy (Legacy)Energy MarketsEuropeGlobalGrowthhighesthitshopesMajor NewsMarket ReportsMiddle EastoilOPECoutputPicture availableRefined ProductsReportsReuters Top NewsrisesUnited KingdomUnited StatesUSWestern Europeyear
Previous Post

Jennifer Granholm confirmed as energy secretary in bipartisan vote

Next Post

Could This Be The Most Exciting Lithium Play Of 2021?

Related Posts

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

by Oil Market News
February 1, 2023
0

US stocks went on a Fed rollercoaster ride; weakening after the statement suggested the Fed will stick to their rate...

‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

by Oil Market News
January 31, 2023
0

OPEC chief talks about output cuts, price volatility, and Russia’s war in Ukraine and its effect on oil prices.Ministers from...

OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

by Oil Market News
January 30, 2023
0

While all eyes are temporarily on the Federal Reserve’s rate hike plans and a virtual meeting of OPEC+ ministers–both on...

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

by Oil Market News
January 29, 2023
0

There will be no shortage of potential market moving events this week!  After the Bank of Canada hiked rates by...

Top 20 Oil Exporting Countries in 2023

Top 20 Oil Exporting Countries in 2023

by Oil Market News
January 28, 2023
0

In this article, we take a look at the top 20 oil exporting countries in 2023. If you want to...

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

by Oil Market News
January 27, 2023
0

OPEC to Stay the Course on Oil Production Agreement; China's Reopening Bullish for Commodities, RBC Capital Markets Says Marketscreener.comOil Gains...

Next Post
Could This Be The Most Exciting Lithium Play Of 2021?

Could This Be The Most Exciting Lithium Play Of 2021?

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

What does a negative oil price mean for markets and the lockdown economy?

What does a negative oil price mean for markets and the lockdown economy?

1 year ago
Texas Looks to Rebuild. Here Are 6 Stocks That Could Benefit.

Texas Looks to Rebuild. Here Are 6 Stocks That Could Benefit.

1 year ago
Marathon Oil (MRO) Dips More Than Broader Markets: What You Should Know – January 17,

Marathon Oil (MRO) Dips More Than Broader Markets: What You Should Know – January 17,

8 months ago
Centrica forecasts near eightfold rise in earnings after energy prices soar

Centrica forecasts near eightfold rise in earnings after energy prices soar

8 months ago
Gov. Newsom’s Latest Scheme Will Not Lower Energy Prices for Californians

Gov. Newsom’s Latest Scheme Will Not Lower Energy Prices for Californians

10 months ago
ADVERTISEMENT
Crude Oil Shielded From Bond and Stock Market Rout

Texas oil money auditions Trump rivals for battle against green agenda

September 20, 2023

Oil: Saudi lollipop set to sweeten energy company valuations

September 19, 2023

After $16bn judgment, Burford’s next battle will be making Argentina pay

September 18, 2023

California accuses Big Oil of covering up climate change risks in lawsuit

September 17, 2023

How Bernard Looney’s career at BP unravelled

September 16, 2023

Why oil is back to $90 a barrel

September 15, 2023

Crude Oil

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023

Investing

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market

Crude Oil Shielded From Bond and Stock Market Rout

Texas oil money auditions Trump rivals for battle against green agenda

September 20, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Oil: Saudi lollipop set to sweeten energy company valuations

September 19, 2023
Crude Oil Shielded From Bond and Stock Market Rout

After $16bn judgment, Burford’s next battle will be making Argentina pay

September 18, 2023
Crude Oil Shielded From Bond and Stock Market Rout

California accuses Big Oil of covering up climate change risks in lawsuit

September 17, 2023

OPEC

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.