Oil crests $50 on new Saudi production cuts By Sharon Cho and Alex Longley on 1/6/2021
(Bloomberg) Oil touched a 10-month high above $50 a barrel after Saudi Arabia pledged to cut an extra 1 million barrels a day of crude output in February and March.
Futures in New York added 0.9% after the kingdomâs surprise move drove prices up 4.9% on Tuesday. OPEC+âs agreement, which will see most producers keep output steady while the Saudis cut, prompted a sharp rally in the structure of the oil futures curve as traders anticipated lower supply in the coming months.
The Saudi decision, which Russiaâs deputy prime minister called a ânew year giftâ to the market, comes as governments enforce more stay-at-home orders and travel restrictions to curb a surge in virus infections. Goldman Sachs Group Inc. said the Saudi move reflects expectations for weaker oil demand, cutting its consumption forecasts for January and February.
Oil pares gains with U.S. Capitol protests shaking risk appetite
Andres Guerra Luz, Bloomberg
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Oil pumping jacks operate in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia, on Nov. 19, 2020.Bloomberg photo by Andrey Rudakov
Oil pared gains late in the session as protests in Washington overtook the U.S. Capitol, overshadowing a draw in U.S. crude inventories and Saudi Arabia’s surprise pledge to unilaterally cut output in the next two months.
Futures eased off 10-month highs in choppy trading after the market settled Wednesday. Earlier, oil rose after a U.S. government report showed domestic crude stockpiles declined last week by the most since August and oil exports from Saudi Arabia plunged to zero for the first time in 35 years.
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Norridge Mayor Dan Tannhauser will face a challenger in the April 6 election for municipal offices, and seven candidates are competing for three seats on the Village Board of Trustees.
Justice League.
In a new report,
The New York Times writes: At least for now, Mr. Snyder is not part of the new DC Films blueprint, with studio executives describing his HBO Max project as a storytelling cul-de-sac a street that leads nowhere.
The filmmaker, who served as a producer on
Wonder Woman 1984, reportedly received over $70 million to both recut and shoot new footage for
Zack Snyder s Justice League, which could debut as early as March 2021. No specific premiere date has been announced, but Snyder did confirm that the movie will be available in four, one-hour chunks.
Video of Justice League: Director’s Cut | Official Teaser Update | HBO Max