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Oil prices continue to push closer to $60

ExxonMobil, BP, Chevron and Conoco Phillips among oil companies that posted billions in losses in 2020

ExxonMobil, BP, Chevron and Conoco Phillips among oil companies that posted billions in losses in 2020
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Oil prices continue to push closer to $60

Oil prices continue to push closer to $60 Marcy de Luna, Houston Chronicle © Daniel Acker / Bloomberg A pumpjack operates above an oil well at night in the Bakken Formation on the outskirts of Williston, North Dakota. The price of oil soared closer to $60 a barrel Thursday morning on the back of shrinking U.S. crude stockpiles and adherence by OPEC and its allies to  production cuts. Popular Searches The price of the global benchmark, Brent crude, climbed past $59 a barrel before falling back during a choppy session. West Texas Intermediate, the U.S. benchmark, jumped past $56. Both reached prices not seen in more than a year, before demand collapsed amid the coronavirus pandemic. While demand continues to lag, analysts remain confident in crude s recovery.

Oil Jumps After OPEC+ Pledges to Clear Oil Surplus Left By Virus

Oil Surges as OPEC+ Pledges to Clear Pandemic-Driven Surplus Bloomberg 2/3/2021 Andres Guerra Luz (Bloomberg) Oil climbed to the highest in more than a year in New York as OPEC and its allies pledged to continue whittling down global inventories. Futures in New York surged 1.7% to near $56 a barrel on Wednesday. A committee of OPEC+ ministers said the group will keep pushing to quickly clear the oil surplus left by the pandemic-induced demand slump. The alliance’s effort appears to be working despite a still tenuous recovery in demand: Chinese stockpiles are at the lowest in almost a year and a U.S. government report on Wednesday showed crude stockpiles fell nearly 1 million barrels.

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