Archive for Tag: HEATING OIL Market update

Resurgence in COVID-19 cases slows oil demand rebound -IEA

Oil demand recovery will take a hit from a spike in new coronavirus cases before vaccine roll-outs and stimulus measures help in the second half of the year, International Energy Agency (IEA) said on Tuesday. “Border closures, social distancing measures and shutdowns…will continue to constrain fuel demand until vaccines...

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U.S. shale producers lock in future sales as oil prices rise to one-year high

U.S. shale producers are taking advantage of the oil market’s rally to levels not seen in nearly a year by locking in prices for future sales, sources familiar with the matter said. US CRUDEfutures this month jumped above $50 a barrel to the highest since February. The rally has...

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Oil prices steadied after an early jump on Wednesday as industry data showing a bigger-than-expected drop in U.S.CRUDEinventories, but rising global COVID-19 infections capped price gains. BRENT CRUDEprices were down 4 cents at $56.54 a barrel by 1032 GMT. Prices rose to a session high of $57.42 a barrel...

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