SINGAPORE (Reuters) – The rise in oil prices stalled on Wednesday, as support for supply disruptions in the southern United States caused by an arctic explosion was offset by expectations that producers OPEC + could lighten their production after April.
U.S. West Texas Intermediate (WTI) crude futures fell 3 cents to $ 60.02 per barrel at 5:10 a.m. GMT, falling from a 13-month high of $ 60.95 reached Tuesday.
Brent futures gained 11 cents, or 0.2%, to $ 63.46 a barrel, adding to three days of gains.
Oil prices have risen sharply in recent months and supply disruptions caused by a historic winter storm in Texas, the nation’s largest oil-producing state, have continued to keep prices strong, analysts said.
Analysts from ANZ and Citigroup have estimated that at least 2 million barrels per day (b / d) of shale oil production in the United States has been reduced. Citi estimated a cumulative production loss of about 16 million barrels through early March.
But extreme cold has also hit demand for crude due to disruptions in refining operations. The 112,229 barrel per day (bpd) Chevron Corps refinery in the Houston area in Pasadena, Texas was shut down on Tuesday, the company said.
Both oil futures plunged into trading early in the morning due to pressure from a stronger US dollar and a potential increase in output from the Organization of the Petroleum Exporting Countries and its allies , known as OPEC +.
OPEC + oil producers are expected to ease supply after April given the rebound in prices, OPEC + sources told Reuters, though any increase in production is modest as producers fear further setbacks in the battle against the pandemic.
The voluntary reduction of 1 million barrels per day (bpd) in Saudi Arabia ends next month. While Riyadh has not shared its plans beyond March with its OPEC + partners, the group increasingly expects Saudi Arabia to bring back supplies from April, may -be gradually.
The OPEC + group will meet to set policy on March 4.
Were in a technical sustaining pattern supported by lower fundamentals and capped highs ahead of OPEC’s March meeting, said Stephen Innes, Axi’s chief market strategist.
Data on US oil inventories from the American Petroleum Institute and Energy Information Administration (EIA) industry group will be released on Wednesday and Thursday, respectively, delayed by a public holiday in the United States on Monday.
Analysts polled by Reuters estimated, on average, that crude inventories fell 2.2 million barrels in the week to February 12.
Reporting by Sonali Paul and Shu Zhang; Edited by Shri Navaratnam and Richard Pullin
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]