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Home / Business / Crude oil prices – Weekly outlook: February 25

Crude oil prices – Weekly outlook: February 25



© Reuters.

Investing.com – Oil traders will continue to focus on global supply outlook over the week ahead of signals that OPEC-led production cuts have helped tighten an exaggerated market.

Market players will also look at any major developments at the US and China trade franchise this week as the two sides run to find a deal before 1 March on new tariffs.

The United States and China are the world's two largest oil-consuming nations. Hoping that the two sides would hammer out an agreement to resolve their long-standing trade war, helped ease concerns about energy needs.

New data on US commodity stocks and production activity will also catch the market's attention this week.

Oil prices rose on Friday to reach their best levels of the year.

US stuck at 30 cents, or around 0.5%, to settle at $ 57.26 per barrel close up. WTI has risen to its highest level since November 1

6 at $ 57.81.

This week, the US benchmark rose by 3%.

Meanwhile, international futures ended on Friday increase by 5 cents at $ 67.12 per barrel.

Fire prices increased by 1.3% a week.

After the end of 2018 in free fall, oil prices have risen by around 25% to start This year, OPEC and a group of 10 producers outside the cartel, led by Russia, increased their production by a total of 1.2 million barrels per day ( bpd) during the first six months of 2019.

Top exporter and OPEC's de facto leader Saudi Arabia recently committed to cutting even more production than the agreement required.

The cuts coincide with involuntary production constraints due to US sanctions against Venezuelan and Iranian crude oil, along with reduced Libyan production due to civilian turmoil.

Due to the oil markets in the short term, the increase in US crude oil production is a record of 12.0 million bpd.

Investing.com has compiled a list of th

Tuesday, Feb. 26

It is to publish their weekly update on US oil supplies.

Wednesday, February 27

Will release his weekly report on oil spills.

Friday, March 1,

{{0 |}} will publish weekly data on US oil rigs.

– Reuters contributed to this report

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