Oil Pushes Higher as Critical OPEC+ Meeting Looms, Dollar Eases

Bloomberg2021-03-01

(Bloomberg) -- Oil demonstrated its resilience in the week’s opening session, rebounding from the biggest slump since November ahead of a key OPEC+ meeting that may see some supply returned to a fast-...

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SKC78
2021-03-01
SKC78
🙏
tiangxinyuan
2021-03-01
tiangxinyuan
mmm
- aliciatng:
  comment
JudithWAH
2021-03-01
JudithWAH
Wow
Alex5Low
2021-03-01
Alex5Low
Nice
- JudithWAH:
  👍

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The alliance gathers on Thursday and is expected to return some barrels after prices got off to their best ever start to a year. But it’s unclear how robustly the group will act, with the Saudi Arabian energy minister calling for producers to remain “extremely cautious.” A weaker dollar also supported crude.\nOil’s recovery from the impact of the pandemic has been driven by Asian demand, as well as fiscal and monetary stimulus. Data Monday showed most key manufacturing economies gained ground last month, with China staying in expansionary territory. In the U.S., President Joe Biden’s $1.9 trillion relief plan moved closer to realization after passing the House of Representatives.\nSaudi Arabia’s reductions, the improving demand outlook as vaccines are rolled out, and the growing popularity of commodities as a hedge against inflation have pushed oil higher this year. 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