Oil jumped to a two-year high above $72 a barrel on Monday, extending this year's rally supported by recovering demand and OPEC+ supply curbs, before giving up the gains as investors took profits. Demand is rising in the United States and Europe as COVID-19 restrictions are loosened and, in another hopeful step for fuel use, India... Continue Reading →

Oil extended gains on Friday, topping $72 a barrel for the first time since 2019, as OPEC+ supply discipline and recovering demand countered concerns about patchy COVID-19 vaccination rollout around the globe. The Organization of the Petroleum Exporting Countries and allies on Tuesday said they would stick to agreed supply restraints. A weekly supply report... Continue Reading →

(Reuters) Oil rose on Tuesday to hit $70 a barrel for the first time since March, as expectations of demand recovery following reopenings of the European and U.S. economies offset concern over spreading coronavirus cases in Asia. The British economy reopened on Monday, and Europe is starting to reopen cities and beaches. New cases in... Continue Reading →

The U.S. Energy Information Administration (EIA) has kept its Brent spot price averages for 2021 and 2022 flat in its latest short term energy outlook (STEO). The EIA forecasts that Brent will average $62.26 per barrel this year and $60.74 per barrel next year in in its May STEO. In April, the organization forecasted that... Continue Reading →

(Moody's Investor Service) The outlook for the global energy industry has been changed to positive from stable, Moody's Investors Service says in research published Monday. A sustained uptick in commodity prices on the back of a recovering global economy is set to bolster a turnaround in industry fundamentals over the coming 12 to 18 months.... Continue Reading →

(Reuters) The rapid adoption of electric vehicles (EV) around the world will probably cause global oil demand to peak two years earlier than previously expected, Norway's biggest independent energy consultancy Rystad said on Wednesday. World demand is now seen peaking at 101.6 million barrels of oil per day (bpd) in 2026, down from a forecast... Continue Reading →

(Bloomberg) The head of Vitol Group, the world’s biggest independent oil trader, expects crude demand to come roaring back this year and next as the world emerges from the pandemic. Demand for crude will increase by 7 million to 8 million barrels a day by the end of 2022, up from current levels, and producers will... Continue Reading →

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