Oil extends losses as Texas prepares to ramp up output
Oil prices fell from recent highs for a second day on Friday as Texas energy firms began to prepare for restarting oil and gas fields shuttered by freezing weather
Oil prices fell from recent highs for a second day on Friday as Texas energy firms began to prepare for restarting oil and gas fields shuttered by freezing weather
The International Energy Agency (IEA) warned the world oil market remains fragile, despite a recent recovery in prices, as tighter restrictions are imposed to curb more contagious coronavirus variants
Oil rose, extending its rally for a ninth day, its longest winning streak in two years, supported by producer supply cuts and hopes vaccine rollouts will drive a recovery in demand
The commodity climbed 1.26 percent to $60.19 a barrel — its highest since January last year — as asset markets rallied on the back of vaccine rollouts and slowing virus infections
OPEC+ maintained its oil output policy as the price of crude hit its highest in almost a year, a sign that deep supply cuts are draining inventories despite an uncertain outlook for demand recovery
Brent crude oil prices fell as much as $1 per barrel, hit by renewed concerns about global fuel demand amid tough coronavirus lockdowns across the globe, as well as a stronger U.S. dollar
Brent crude climbed 44 cents, or 0.8%, to $54.82 a barrel by 1007 GMT, the highest since late February, and U.S. West Texas Intermediate (WTI) gained 36 cents, or 0.7%, to $51.19, also its highest level since late February
Oil prices rose, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand while a tanker explosion in Saudi Arabia jangled nerves in the market
Oil prices eased, but were set for a sixth week of gains as progress towards novel coronavirus vaccination programmes fed hopes that demand for fuel would rebound next year
Brent crude oil futures’ spreads in 2021 have narrowed significantly as demand from Asia has been strong and markets remained hopeful that OPEC and its allies could extend their output cuts