Oil rose toward $60 a barrel on expectations OPEC+ is committed to restraining global supplies even as the demand outlook improves.
Futures in London climbed for a sixth day as they close in on a level last reached in February 2020 before Covid-19 upended global energy markets. OPEC+ has pledged to keep draining a virus-driven surplus as inventories from China to the U.S. shrink. Saudi Arabia defied expectations for a reduction and left oil prices unchanged for Asia in another sign of market strength.
The most active Brent contract is up almost 8% this week, aided by a rally in stocks as earnings rebound and central banks remain supportive. Technical indicators suggest oil is due for a pullback, though. Relative strength indexes for Brent and West Texas Intermediate are at overbought levels.
No comments:
Post a Comment