Crude rallies towards $64 on British pipeline outage

Crude rallies towards $64 on British pipeline outage

On Tuesday, crude tacked on towards $64 a barrel, underpinned by the Forties pipeline outage in the North Sea, not to mention OPEC-led supply cuts as well as hopes that American crude inventories headed south for a fifth week.

Soaring output in America put a lid on revenues. However, shale output will soar to a record high in January, as a government estimate published on Monday states because higher prices encourage crude producers to pump more.

Brent crude futures gained 34 cents being worth $63.75 a barrel, while American crude futures also acquired 34 cents hitting $57.50.

The unexpected shutdown of Forties since the previous week has underpinned Brent as Forties appears to be the largest of the North Sea crude grades backing the benchmark. On December 2 Brent hit $65.83, which is its highest value since mid-2015.

A deal by OPEC along with non-member producers, such as Russia to reduce to tame a supply glut has also underpinned oil prices.


Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

Will oil change the trend after OPEC-JMMC meetings?
Will oil change the trend after OPEC-JMMC meetings?

On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.

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