Oil / Commodities - Oil steadied ahead of an OPEC+ meeting that may endorse another modest lift in production, with traders speculating that the actual increase delivered by members may again fall short of the headline figure. WTI was little changed near the highest level since 2014 after rallying 17% in January. Global benchmark Brent pushed toward $90 a barrel, with prices steeply backwardated in a reflection of market tightness. The OPEC+ is expected to ratify another 400,000 barrel-a-day increase in supply for March. If so, that would stick with the established pace at which they have been easing output curbs imposed at the height of the pandemic. Still, there have been consistent signs in recent months that the alliance has not been able to meet its collective production target in full. Crude’s recent surge has been driven by the steady revival in demand from the impact of the pandemic, lower stockpiles and sporadic interruptions to supplies. Tension over Ukraine have also boosted prices in recent weeks, but Moscow claims it has no plans on sending troops.
Newsletter - February 2, 2022
Newsletter - February 2, 2022
Newsletter - February 2, 2022
Oil / Commodities - Oil steadied ahead of an OPEC+ meeting that may endorse another modest lift in production, with traders speculating that the actual increase delivered by members may again fall short of the headline figure. WTI was little changed near the highest level since 2014 after rallying 17% in January. Global benchmark Brent pushed toward $90 a barrel, with prices steeply backwardated in a reflection of market tightness. The OPEC+ is expected to ratify another 400,000 barrel-a-day increase in supply for March. If so, that would stick with the established pace at which they have been easing output curbs imposed at the height of the pandemic. Still, there have been consistent signs in recent months that the alliance has not been able to meet its collective production target in full. Crude’s recent surge has been driven by the steady revival in demand from the impact of the pandemic, lower stockpiles and sporadic interruptions to supplies. Tension over Ukraine have also boosted prices in recent weeks, but Moscow claims it has no plans on sending troops.