Crude prices rally, supported by product markets

Oil
February 4, 2021

Brent prompt futures reached 59 $/b on early Thursday, despite a rally in the dollar as global inventories dwindled and OPEC+ member were renewing their commitments towards a swift market rebalancing. However, the crude draws in the US were combined with a surge in gasoline stocks, as US demand continues to disappoint.

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Crude prices rally, supported by product markets

You might also read :

After an initial selloff, prices resumed their uptrend

WTI, the next leg up ?

Macro & Oil Report: Markets full of doubts

Simplifying energy markets