WTI Oil in New York hit $70 a barrel for the first time since October 2018 as upbeat comments on the market from major trader Vitol Group added to optimism over the global demand recovery.
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Crude Oil Price Retreats as OPEC+ Hints at supply Hikes
The price of crude oil declined slightly after the latest OPEC+ meeting. The leaders met during the weekend and agreed to gradually ease some of its production cuts between May and July.
Crude Oil Near $60 on Demand Worries Before OPEC+ Meeting
Crude Oil held losses in early Asian trading amid concern over near-term demand and dollar strength ahead of a closely watched OPEC+ meeting this week at which the group will decide on output policy.
MCX Crude Target Today – All Target Price Hit 4292 To 4402
MCX Crude Target Today: Crude Oil yesterday settled down by 5.45% at 4233 on concerns that new pandemic curbs and slow vaccine rollouts in Europe will slow recovery in fuel demand and as producers cut prices, indicating ample oil supply.
Crude Oil Futures Curve at Risk of More Weakness as Demand Wanes
The U.S. oil futures curve is showing signs of strain and may soften further in the coming weeks with Asian refiners’ appetite for American barrels diminishing.