Oil prices surged in the first quarter on Russian sanctions and a rebound in global demand. China’s largest Covid outbreak since the pandemic started and a more aggressive Fed may halt the rally.
Oil prices surged in the first quarter on Russian sanctions and a rebound in global demand. China’s largest Covid outbreak since the pandemic started and a more aggressive Fed may halt the rally.
Oil Dips on China Covid Woes, But Goldman Still Bullish On Market Prospects
by Ship & Bunker News Team
Friday January 22, 2021 The one-two punch of
U.S. crude inventories resulted on Friday in a price decline of two key oil benchmarks. Brent dipped
86 cents, or
4.4 million barrels in the most recent week, compared to expectations for a
1.2 million barrel draw;
Tony Headrick, energy market analyst at
CHS Hedging, pointed out that Crude oil exports did fall quite dramatically, which is the main reason for a decent build overall in crude stocks.
“
Mark Oberstoetter, research director, Wood Mackenzie Still,
Goldman Sachs on Friday struck an optimistic tone by pointing out that the new U.S. administration s plans for huge fiscal spending and little urgency to lift sanctions on