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OPEC+ agreed to gradually increase crude production starting in January

December 4, 2020
Recap: Oil futures continued to trend higher on Thursday despite OPEC+ agreeing to gradually increase crude production starting in January. This contradicts earlier expectations for an extension of current output cuts. OPEC and its allies have agreed to increase production by 500 ... Read More
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The EIA reported a second weekly drop in U.S. crude inventories

December 3, 2020
Recap: Oil futures, which received an early boost in overnight trading on reports the UK had approved the use of a vaccine for COVID-19, rallied after the EIA reported a second weekly drop in U.S. crude inventories. Traders also placed bets that OPEC+ would extend production cuts ... Read More
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Oil futures fell on Tuesday after OPEC+ decided to postpone the second day of its meeting

December 2, 2020
Recap: Oil futures fell on Tuesday after OPEC+ decided to postpone the second day of its meeting to December 3. According to recent reports, Saudi Arabia continues to push for a three-month extension of current production cuts. However, other OPEC+ members want to gradually incre ... Read More
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OPEC members reached a consensus on the need to extend production cuts

December 1, 2020
Recap: Oil futures made an attempt to trade to the downside, but reversed course after OPEC members reached a consensus on the need to extend production cuts for the first quarter of 2021 if their allies also consent to such a move. OPEC members believe that such an extension wil ... Read More
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Oil futures gained as WTI & Brent hit their highest level in eight months

November 30, 2020
Recap: Oil futures extended gains on Wednesday, with both WTI and Brent reaching their highest level in eight months. Traders shrugged off an API report showing a 3.8 million barrel build in U.S. crude oil stockpiles and instead focused more on the 0.8 million barrel decrease as ... Read More
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Oil prices climbed to their highest level since March

November 25, 2020
Recap: Oil prices climbed to their highest level since March, as the start of the U.S. presidential transition got underway and on more promising news of additional vaccines. Oil futures also followed equity markets higher, as traders appear to be happy with Joe Biden’s decision ... Read More
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Oil futures gained more than 2% on Monday

November 24, 2020
Recap: Oil futures gained more than 2% on Monday, as optimism over a vaccine continues to be the main catalyst that is pushing prices higher. The contango structure in the market, whereby the prices of front-month delivery contracts are lower than those for delivery six months la ... Read More
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Oil prices rose for the third straight week

November 23, 2020
Recap: Oil prices rose for the third straight week with WTI settling above $42 a barrel for the first time since the beginning of September, and Brent barely missing the $45 mark. WTI and Brent recovered from early weakness, as  traders finished the week with a sense of optimism ... Read More
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Oil futures traded modestly lower on Thursday

November 20, 2020
Recap: Oil futures traded modestly lower on Thursday, as the coronavirus situation in the U.S. worsens, and new restrictions are imposed. While concern about the number of new COVID-19 cases have risen, the contango market conditions in Brent, where the front end of the curve tra ... Read More
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The market was also supported by a smaller than expected increase in U.S. crude oil inventories

November 19, 2020
Recap: Oil futures traded higher on Wednesday, on vaccine related optimism and hopes that OPEC would delay plans to increase output. The market was also supported by a smaller than expected increase in U.S. crude oil inventories. WTI rose to a fresh high for the week, to trade ab ... Read More
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