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OPEC
News and stories about OPEC
Oil prices slid downwards at the mid-week trading session due to fears for soft fuel demand.
Brent oil futures broke above $44/ barrel and West Texas Intermediate futures gained 0.60% to trade at $41.59/barrel
Brent crude futures were up 1.1% and priced at $43.21 a barrel and West Texas Intermediate crude was priced at $40.66 a barrel, up by1.32%.
Oil prices are expected to rise slightly in the last quarter of the year, with further gains due to a cold snap in global travel and the ongoing economic recovery.
Renewed spike in coronavirus cases in major economies slowing down the oil demand recovery has forced OPEC to revise expectations.
Crude oil prices recorded impressive gains amid high hopes that leading oil producers will suspend plans on increasing oil supply.
The market is feeling pressure amid rising COVID-19 cases in the United States and Europe, and also due to Libyan oil production.
Twenty-eight (28) equities appreciated at price during the week, lower than thirty-five (35) equities in the previous week.
Both oil contracts suffered heavy losses as reports from U.S oil rig count gained up to 211 from last week’s level of 205.
Energy price remain well below pre-pandemic levels and is expected to stabilise below pre-pandemic levels in 2021.
Although $50 is less than what Saudi Arabia needs to balance its budget, it is in line with global realities.
OPEC Secretary-General Mohammed Barkindo admits fuel demand is looking "anemic."