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Energy Today: Crude Oil to Trade Higher on Fall in U.S. Oil Production

25 Feb 2021 7:44 am
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Mumbai (Commodities Control) - Oil climbed from the highest level in more than a year in early Asian trading hours on Thursday after U.S. crude production fell in the recent cold blast and European stockpiles tightened.

U.S. crude production slid below 10 million barrels a day last week during the big freeze, matching a low reached last summer following outages caused by Hurricane Laura.

Stockpiles continue to shrink globally with inventories at a major European storage hub falling to the lowest since September.

WTI oil is trading at $63.36 per barrel while Brent oil is trading at $66.29 per barrel.

Oil is set for a fourth monthly gain after a pledge by Saudi Arabia to deepen output cuts accelerated a rally triggered by Covid-19 vaccine breakthroughs.

OPEC+ oil producers will discuss a modest easing of oil supply curbs from April given a recovery in prices.

The OPEC+ cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic. As of February, it is still withholding 7.125 million bpd, about 7% of world demand.

Three OPEC+ sources said an output increase of 500,000 barrels per day from April looked possible without building up inventories, although updated supply and demand balances that ministers will consider at their March 4 meeting will determine their decision.

MCX oil futures are forecast to extend the gains towards Rs. 4,650 per barrel.

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