February 11, 2021
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Oil prices added 32 cents to a record for the longest in two years, boosted by lower than expected US crude stocks last week.
West Texas Crude Oil Futures Wednesday’s close (Feb. 10) gained 32 cents, the longest uptrend in two years, nine days. It was boosted by lower than expected US crude stocks last week.
In addition, the market gained a positive effect on the progress of the US economic stimulus package. And production cuts of the Petroleum Exporting Countries (OPEC) and allied nations Or OPEC Plus Including the speculation that vaccination against COVID-19 More broadly in the US it will help support economic recovery.
West Texas Crude Contract Delivered in March. It traded 32 cents up at $ 58.68 a barrel. Brent crude oil contract Delivered in April. Up 38 cents to $ 61.47 / barrel.
The US Government’s Energy Information Administration (EIA) said US crude inventories fell 6.6 million barrels last week. While analysts had expected a 2.7 million barrel decline.
American Petroleum Institute (API), a group of the US oil industry. Previously disclosed that U.S. crude stocks were down 3.5 million barrels last week.
Democrats succeeded in pushing Congress to approve President Joe’s proposed $ 1.9 trillion stimulus package. Biden Fast Track Using a budgeting approach called budget reconciliation This will pave the way for the House of Representatives and the Senate to be able to certify the budget with more than half a vote. Instead of using two thirds of the votes for passing the general law. And enable President Biden to push forward such stimulus measures Without the need for Republican support
U.S. House of Representatives Nancy Pelosi predicted that Congress would be able to vote first to approve a stimulus package to treat US citizens and businesses affected by the COVID-19 outbreak. March 15, the day the unemployment measures affected by COVID-19 will expire.
While Saudi Arabia Downgraded the production capacity of 1 million barrels / day to 8.125 million barrels / day. Starting from Feb. 1 until the end of March While the report said OPEC Plus continued to cut production in line with the deal.
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