Oil up $1.50/bbl as demand recovery seen tightening supply

oil up 1 50 bbl as demand recovery seen tightening supply

Sumary of Oil up $1.50/bbl as demand recovery seen tightening supply:

  • Article content NEW YORK — Oil prices rose about $1.50 a barrel on Thursday, extending gains made in the previous three sessions on expectations of tighter supplies through 2021 as economies recover from the coronavirus crisis.
  • Russia may start the process of banning gasoline exports next week if fuel prices on domestic exchanges stay at current levels, Energy Minister Nikolai Shulginov said, further signaling tighter oil supplies ahead.
  • Article content Crude inventories in the United States, the world’s top oil consumer, rose unexpectedly by 2.1 million barrels last week to 439.7 million barrels, up for the first time since May, U.S. Energy Information Administration data showed.
  • “Supplies fell further by 1.3 million barrels to the lowest level since early last year, theoretically offering support to the WTI curve,” said Jim Ritterbusch of Ritterbusch and Associates.

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