Unexpected decrease in US stocks lifts oil
An Opec+ estimate of a global oil market deficit in 2021 supports the market
03 February 2021 - 08:41
Singapore — Oil prices rose in Asia on Wednesday after hitting their highest in about a year in the previous session, supported by an unexpected draw in US crude stockpiles and an oil cartel Opec, and its allied producers, including Russia (Opec+) estimate of a global oil market deficit in 2021.
Market sentiment was bolstered by news that Democrats in the US Congress took the first steps towards advancing President Joe Biden’s proposed $1.9-trillion coronavirus aid plan without Republican support...
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