{"id":107095,"date":"2021-01-04T16:10:31","date_gmt":"2021-01-04T16:10:31","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107095"},"modified":"2021-01-04T16:10:31","modified_gmt":"2021-01-04T16:10:31","slug":"oil-touches-multi-month-highs-as-opec-expected-to-hold-output-steady","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/oil-touches-multi-month-highs-as-opec-expected-to-hold-output-steady\/","title":{"rendered":"Oil touches multi-month highs as OPEC+ expected to hold output steady"},"content":{"rendered":"

LONDON (Reuters) – Oil prices touched multi-month highs on Monday on expectations OPEC and allied producers will hold off on increasing output in February and on hopes that vaccines may curb the spread of the novel coronavirus and drive an economic rebound.<\/p>

FILE PHOTO: The sun sets behind the chimneys of the Total Grandpuits oil refinery southeast of Paris, France, February 29, 2016. REUTERS\/Christian Hartmann\/File Photo<\/figcaption>

Benchmark Brent crude futures reached $53.33 a barrel, their highest since March 2020, as prices rose in line with broader financial markets.<\/p>\n

U.S. West Texas Intermediate (WTI) crude touched $49.83 a barrel, its highest since February 2020.<\/p>\n

\u201cPrice action today suggests that the market is assuming that OPEC+ keeps the level of cuts unchanged for the upcoming month,\u201d said ING commodities strategist Warren Patterson.<\/p>\n

Prices later trimmed gains, with March Brent crude futures at $52.23 a barrel, up 43 cents or 0.8%, as of 1501 GMT. February WTI crude futures were up 20 cents, or 0.4%, to $48.72.<\/p>\n

\u201cThe likely extension of mobility restrictions across several European countries might have been a trigger causing oil prices to erase earlier gains,\u201d UBS analyst Giovanni Staunovo said.<\/p>\n

OPEC and allies, a group known as OPEC+, were meeting on Monday. Most OPEC+ officials voiced opposition to increasing oil output from February when they met on Sunday, three OPEC+ sources told Reuters on Monday.<\/p>\n

OPEC+ increased output by 500,000 barrels per day (bpd) this month but some members have questioned the need to increase more from February due to an upsurge in the COVID-19 pandemic.<\/p>\n

\u201cThe start of the new year is presenting challenges to the OPEC+ group, as the balance of risks to oil demand recovery has changed,\u201d BNP Paribas analyst Harry Tchilinguirian said.<\/p>\n

Kuwait\u2019s oil minister said he expected a gradual recovery in oil demand, particularly in the second half of 2021, as many countries start to distribute coronavirus vaccines.<\/p>\n

Britain began vaccinating its population with the COVID-19 shot developed by Oxford University and AstraZeneca on Monday.<\/p>\n

Tensions in the Middle East also supported oil prices after Iran\u2019s Revolutionary Guards seized a South Korean-flagged tanker and its crew were detained and accused of polluting the Gulf with chemicals.<\/p>\n

Oil also drew strength from a weaker dollar and strong manufacturing activities in Asia and Europe. U.S. factory activity data is expected later on Monday.<\/p>\n

For a graphic on Oil price forecasts for 2021:<\/p>\n<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – Oil prices touched multi-month<\/p>\n","protected":false},"author":3,"featured_media":107094,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nOil touches multi-month highs as OPEC+ expected to hold output steady - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/oil-touches-multi-month-highs-as-opec-expected-to-hold-output-steady\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil touches multi-month highs as OPEC+ expected to hold output steady - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – Oil prices touched multi-month\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/oil-touches-multi-month-highs-as-opec-expected-to-hold-output-steady\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-04T16:10:31+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/cnewsfotor7.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/oil-touches-multi-month-highs-as-opec-expected-to-hold-output-steady\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/oil-touches-multi-month-highs-as-opec-expected-to-hold-output-steady\/\",\"name\":\"Oil touches multi-month highs as OPEC+ expected to hold output steady - 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