Oil climbs after OPEC+ maintains oil output cuts, United States stock draw

Oil climbs after OPEC+ maintained oil output cuts US stock draw

April Brent crude the global benchmark, added $1.11, or 2%, at $57.46 a barrel on ICE Futures Europe to post the highest finish since February 21 of previous year.

U.S. West Texas Intermediate (WTI) crude futures climbed 32 cents, or 0.57 per cent, to $56.01 after reaching its highest settlement level in a year on Wednesday at $55.69.

Oil futures rose Tuesday, with expectations that efforts by major oil producers to reduce production will lead to tighter global supplies lifting USA prices to their highest settlement in more than a year.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, extended its current oil output policy at a meeting on Wednesday, a sign that producers are happy that their deep supply cuts are draining inventories despite an uncertain outlook for a recovery in demand as the coronavirus pandemic lingers.

The API oil industry association reported United States crude oil inventories fell by 4.3 million barrels in the week to January 29.

However, fresh data prints coming out of the USA may drag on the price of oil as crude inventories are expected to increase 0.367M in the week ending January 29 after unexpectedly contracting 9.91M the week prior, and signs of slowing demand may encourage OPEC to regulate the energy market throughout 2021 as Saudi Arabia remains on track to reduce supply by 1 million b/d until April. The OPEC had kept to its quotas in January.

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Oil prices extended gains on Thursday after the OPEC+ alliance of producers stuck to its reduced output policy and US crude stocks fell, with optimism over a new USA pandemic relief bill adding further price support.

The outlook for the economy has improved recently as progress in coronavirus vaccinations, moves by U.S. President Joe Biden to pass more fiscal stimulus, and improving economic data is encouraging aggressive speculators to add to their already establish bullish positions.

"The extra 1 million barrel per day (bpd) Saudi cuts that started this month imply further stock draws until at least the end of the first quarter", Varga added.

March natural gas tapped a high above $3 per million British thermal units Tuesday for the first time since November, but has since given up those gains.

Prices saw a more than 11% climb Monday.

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