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Oil Gets Hit Again to Risk Worst Losing Run in More Than a Year

Sumary of Oil Gets Hit Again to Risk Worst Losing Run in More Than a Year:

  • Brent also declined in London, with traders assessing global supply risks alongside a patchy recovery in consumption even as the coronavirus pandemic ebbs…
  • Oil prices have backtracked this week despite the surprise OPEC+ decision earlier this month to extend output cuts, and the vaccine breakthroughs that had underpinned a narrative of a tightening market…
  • OPEC and its allies could quickly deploy spare capacity to quash rallies, the IEA said in a report, while adding that demand won’t return to pre-virus levels until 2023…
  • crude stockpiles probably soured near-term sentiment, “given the pace of global vaccination and economic recovery, we remain bullish on the energy complex,”…

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