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 13-member Organization of the Petroleum Exporting Countries is pumping 25.75 million barrels per day in January, the survey found, up 160,000 bpd from December and a further increase from a three-decade low reached in June

US President Joe Biden announced new bans on oil and gas drilling on federal lands as part of a raft of actions that take aim at climate change, according to reports and a White House memo

US crude oil stocks fell, but fuel inventories were higher in the most recent week, data from industry group the American Petroleum Institute showed

The outlook for US shale oil is slightly more “optimistic” due to rising prices and output will recover further in the second half of 2021, OPEC said, in a sign its policy of cutting output is helping rivals pump more

U.S. crude oil production is expected to fall by 190,000 barrels per day (bpd) in 2021 to 11.1 million bpd, the U.S. Energy Information Administration (EIA) said, a smaller decline than its previous forecast for a drop of 240,000 bpd

In top two U.S. shale fields, oil and gas companies are profitable in the $30 per barrel to low $40s per barrel range, according to data firm Rystad Energy. This year’s higher prices could push the shale group’s cash from operations up by 32%, Rystad said

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

OPEC and Russia agreed to slightly ease their deep oil output cuts from January by 500,000 barrels per day but failed to find a compromise on a broader and longer term policy for the rest of next year

US oil stockpiles climbed last week on rising gasoline inventories as lockdown measures in parts of the US to curb the virus kept a lid on fuel demand