OPEC+ Expected to Raise Output to Avoid Crude Oil Price Spike

Crude Oil Price

Crude Oil Price: U.S. West Texas Intermediate and international-benchmark Brent crude oil price rose for a fifth week last week as fuel demand rebounded on strong economic growth and increased travel during the northern hemisphere summer, while crude supplies remained tight as the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, maintained production cuts.

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Crude Oil Price

WTI Futures: Flat Above $59.50 As Global Demand Concerns

Crude Oil Prices

WTI Futures: Front-month WTI continue to consolidate within recent ranges, having spent practically all of Thursday’s session so far between the $59.00 and $60.00 levels. Crude oil market participants continue to juggle positivity about the prospect for a global economic rebound as a result of vaccines (led by strong growth in the US), against near-term demand concerns as a result of rising infection rates in a number of key crude oil-consuming countries. For now, WTI is trading just above the $59.50 mark and is flat on the session.

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Crude Oil Prices