• Home
  • Business
  • Personal Finance
  • Banking
    • Digital Payment
Monday, January 18, 2021
No Result
View All Result
NEWSLETTER
KM Capital
  • Home
  • Business
  • Personal Finance
  • Banking
    • Digital Payment
  • Home
  • Business
  • Personal Finance
  • Banking
    • Digital Payment
No Result
View All Result
KM Capital
No Result
View All Result
Home Economy

Oil Prices jumps on OPEC by 4 percent

by Ayushi Sahu
January 5, 2021
in Economy, Business
0
Oil Prices jumps on OPEC by 4 percent
0
SHARES
12
VIEWS
Share on FacebookShare on Twitter

As OPEC+ was approaching an agreement to keep crude supply steady in February, oil prices climbed more than 4 percent on Tuesday, although tension simmered after Iran’s seizure of a South Korean vessel. Brent crude futures increased by $2.15, or 4.2%, to $53.24 a barrel by 11:10 a.m. EST Over (1610 GMT). U.S. West Texas Intermediate crude rose $2.27 to $49.89 a barrel, or 4.8 percent.

Saudi Arabia proposed to make voluntary cuts to its oil production during talks with the Organization of Petroleum Exporting Countries and others, including Russia, in February, two OPEC+ sources said. In case the Saudis are going to take charge of the load and take oil off the market, that changes the dynamic quite a bit, said Phil Flynn, senior analyst at Chicago’s Price Futures Group. It seems that as the global swing maker, the Saudis are taking the job.

Four OPEC+ sources told Reuters on Tuesday that the producer group was setting aside a potential production rise on concerns that the market could be flooded with crude if new coronavirus lockdowns further depress demand.

On Monday, both contracts dropped more than 1% after OPEC+ failed to agree on a February production target.
The group was researching a number of scenarios including more production, no shift, or cutting output by 500,000 barrels per day (BPD) in February, an OPEC document dated Jan 4 showed.

There’s nothing new in that, that the bullish kick which crude markets have received through (crude rose almost 30 percent in Q4 2020). And today on the morning is supported by a particularly hands-on approach from OPEC+ to tighten crude markets and bring inventories lower through 2021, JBC Energy analysts said in a statement.

Tensions because of the OPEC member Iran’s seizure of a South Korean vessel continued, as Iran said it owed $7 billion to the Asian nation.

Even, for the market, bearish aspects are looming on oil prices. On Monday, England started a fresh lockdown as its coronavirus cases surged. Since early last year, coronavirus lockdowns have weighed on fuel demand.

Ayushi Sahu

Ayushi Sahu

Next Post
salman-khan-sells-his-upcoming-to-yrfexclusive-details

Salman Khan sells his upcoming to YRF:exclusive details

Leave a Reply Cancel reply

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

Recommended

BharatPe raises debt of Rs 139 crores from Alteria and ICICI

BharatPe raises debt of Rs 139 crores from Alteria and ICICI

24 hours ago
L&T shares broke a 3-day gaining streak

L&T shares broke a 3-day gaining streak

2 months ago

Popular News

    Connect with us

    Newsletter

    Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Aenean commodo ligula eget dolor.
    SUBSCRIBE

    Category

    • Banking
    • bollywood
    • Business
    • Digital Payment
    • Economy
    • Entertainment
    • Personal Finance
    • Uncategorized
    • Web shows

    Site Links

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    About Us

    We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

    • About
    • Advertise
    • Careers
    • Contact

    © 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

    No Result
    View All Result
    • Home
    • Business
    • Personal Finance
    • Banking
      • Digital Payment

    © 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

    Login to your account below

    Forgotten Password?

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In