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Commodities Corner: COVID infections, vaccine prospects play ‘tug of war’ with oil as traders look to OPEC+

Oil’s playing a tug of war game between rising COVID-19 cases and promising vaccine developments. MarketWatch photo illustration/iStockphoto The Organization of the Petroleum Exporting Countries and its allies are expected to extend oil production cuts into the new year in an effort to avoid a global glut of inventories. But with Covid-19 cases accelerating in… Continue reading Commodities Corner: COVID infections, vaccine prospects play ‘tug of war’ with oil as traders look to OPEC+

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Opec slashes oil demand outlook on Covid restrictions

Opec said demand for its crude oil next year will be lower than initially anticipated, putting greater pressure on producer countries to reconsider their plan to unload more barrels on the market from January. The cartel’s research arm published the report in the run-up to two days of crucial meetings starting November 30 between ministers… Continue reading Opec slashes oil demand outlook on Covid restrictions

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Futures Movers: Oil finds support as COVID Europe lockdowns feed expectations that OPEC+ may postpone output-cut curbs

Apu Gomes/Agence France-Presse/Getty Images Oil futures pared most of their earlier losses Monday, with concerns over energy demand, driven by widening restrictions on activity in Europe to contain surge in COVID -19, feeding expectations that OPEC+ will postpone plans to curb production cuts. Nervousness over the U.S. presidential election was also a factor, analysts said,… Continue reading Futures Movers: Oil finds support as COVID Europe lockdowns feed expectations that OPEC+ may postpone output-cut curbs

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Opec dismisses concerns that peak oil demand is close

Opec expects oil demand to keep growing for the next two decades, in contrast to large segments of the energy sector that believe a peak in consumption is close.  The research arm of the producers cartel said in its annual outlook that its base case was for demand to grow from 90.7m barrels a day… Continue reading Opec dismisses concerns that peak oil demand is close

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Saudi Arabia chafes at ‘false promises’ on oil cuts from Opec partners

Saudi Arabia has launched a rebuke against oil producers that have not fulfilled their share of supply curbs, saying moves to flout the terms of a collective deal were “damaging” for the group as a whole.  “Using tactics to overproduce and hide non-compliance have been tried many times in the past, and always end in… Continue reading Saudi Arabia chafes at ‘false promises’ on oil cuts from Opec partners