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Confidence returns as OPEC+ stabilizes the market

  • In early December, the oil market faced an unprecedented drop. For the first time since March 2020, global prices collapsed by almost 20 percent. The fall was influenced by the emergence of the COVID-19 variant omicron and the US decision to bring 50 million barrels from its strategic petroleum...
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OPEC+ may abandon its current production strategy

  • The first key event of the past week was the announcement of the auction of 50 million barrels of crude oil from the US Department of Energy’s strategic petroleum reserve, of which 32 million barrels will be an exchange over the next several months, releasing oil that will eventually return to ...
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Where is the oil market heading in 2022?

  • The outgoing 2021 gave the oil industry the opportunity to recover after a difficult period. Prices rose rapidly, which returned confidence to stocks of oil and gas companies, despite the push toward energy transition. As of the last session of the past week, Brent traded at $76.14 per barrel w...
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OPEC+, hedge funds, supply disruptions push oil prices higher

  • The market began the year with positive sentiments driven by hedge funds rebuilding their bullish positions as the threat from the omicron coronavirus variant retreated. Speculators and portfolio managers not only opened new longs, but also closed shorts from previous weeks, according to Reuter...
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Highest oil market prices for seven years amid multiple challenges

  • Last week, oil prices continued their early-year surge, reaching their highest levels for more than seven years, mainly due to easing worries about the omicron variant, easing monetary policies in main-consuming countries, as well as tight oil supply amid growing geopolitical tensions and the i...
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For now, oil market’s short-term outlook is positive

  • Last week, oil prices stayed neutral against the backdrop of the OPEC+ production policy announcement, and the ambiguous US statistics on crude inventories and its local output. The 20th OPEC and non-OPEC ministerial meeting agreed to adhere to pre-approved plans to increase production by 0.4...
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Demand outlooks support global oil prices

  • Over the past week, oil prices were supported by favorable demand outlooks and bullish statistics from the US Energy Information Administration. Last week on Wednesday, prices rose to a six-week high as the Organization for the Petroleum Exporting Countries and the International Energy Agency p...
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Oil prices remain at their highest amid growing supply fears

  • The psychological barrier of $100 for a barrel of oil, which until recently was viewed as remote, is now a stone’s throw away. On Friday, the price of Brent traded above $93 a barrel, an increase of more than 18 percent since the beginning of 2022. In the US, the price of WTI has followed a s...
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Market tightness leaves oil prices exposed to geopolitical risks

  • Over the past few days, reports that a deal to renew the Iran nuclear agreement might be close, sent oil prices lower, with the escalation of tensions over the conflict between Ukraine and Russia not offering significant support. Oil prices ended with their first weekly decline in nine weeks,...
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Oil prices are at loggerheads with harsh economic realities

  • Last week, oil prices continued fluctuating in the range of $100-113 a barrel. During the week, there was news that moved prices up and down without changing the market’s medium-term outlook. On Thursday, when writing this piece, oil prices rose modestly after a strong rally on Wednesday, wit...
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