Global oil benchmarks hold firm at highest levels since February
by ChemOrbis Editorial Team - content@chemorbis.com
Global crude oil futures retained their strength after hitting their highest levels since February 2020 earlier this week. ICE Brent Europe futures neared $55/barrel, while WTI oil futures tapped highs above the $50/barrel threshold.
This followed the news that OPEC+ agreed on production curbs starting in February, with Saudi Arabia, the world’s largest oil exporter, voluntarily taking on a larger reduction of 1 million barrels/day. Moreover, a draw in stockpiles in the US supported the recent gains.
In the meantime, no immediate impact of the storming of the US Capitol by supporters of President Donald Trump on Wednesday was observed on oil markets. At the time of the writing, Brent oil crude futures were up further to $54.74/barrel and West Texas Intermediate (WTI) crude oil stood slightly higher at around $51.09/barrel when compared to the previous close.
This followed the news that OPEC+ agreed on production curbs starting in February, with Saudi Arabia, the world’s largest oil exporter, voluntarily taking on a larger reduction of 1 million barrels/day. Moreover, a draw in stockpiles in the US supported the recent gains.
In the meantime, no immediate impact of the storming of the US Capitol by supporters of President Donald Trump on Wednesday was observed on oil markets. At the time of the writing, Brent oil crude futures were up further to $54.74/barrel and West Texas Intermediate (WTI) crude oil stood slightly higher at around $51.09/barrel when compared to the previous close.
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