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Oil futures soared on Thursday, supported by expectations that the Organization of the Petroleum Exporting Countries and their allies’ commitment to cut production will contribute to a squeeze in global crude supplies. “As the group strives to keep global oil production below demand, we expect oil inventories to continue to decline this year,” Giovanni Staunovo, analyst at UBS Global Wealth Management, said in a recent note. “The vaccine rollout is expected to support global demand for oil over the coming months and allow oil prices to continue to rise.” Mars West Texas Intermediate crude CLH21,
rose 54 cents, or 1%, to $ 56.23 a barrel on the New York Mercantile Exchange. Based on the first month’s contracts, prices increased for a fourth consecutive session and stabilized at their highest level since January 22, 2020.
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