• Sign up for the Daily Digest E-mail
  • Facebook
  • X
  • LinkedIn

BOE Report

Sign up
  • Home
  • StackDX Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

Oil climbs to 13-month highs on output cuts, demand recovery hopes

February 9, 20217:52 AM Reuters0 Comments

Oil pump jackOil prices edged up to their highest in 13 months on Tuesday as supply cuts by major producers and optimism over fuel demand recovery support energy markets.

U.S. West Texas Intermediate crude (WTI) for March was at $58.42 a barrel, up 45 cents, or 0.8%.

CL1! chart by TradingView
Brent crude futures for April gained 48 cents, or 0.8%, to $61.04 a barrel.

Both Brent and WTI are at their highest since January 2020. Front-month prices for both contracts are up for the seventh session on Tuesday, the longest win streak since January 2019.

Additional supply reductions by top exporter Saudi Arabia in February and March, on top of cuts by producers in the Organization of the Petroleum Exporting Countries and their allies, are tightening supplies and balancing global markets.

Investors are also pinning hopes on oil demand recovery when COVID-19 vaccines take effect. A weak dollar has also helped shored up prices of commodities.

“Progress on U.S. stimulus and optimism around the roll-out and effect of vaccines across the remainder of 2021 and a slightly weaker USD help the view (for a recovery) albeit there was mixed news on the impact of the current vaccines formulated on the emerging South African variant,” Stephen Innes, chief global markets strategist at brokerage Axi.

He cautioned, however, that both Brent and WTI are in overbought territory on technical charts.

“While I remain a bit cautious at current levels, the medium and longer-term outlook for demand is healthy, and one can understand a willingness to look through some of the near-term uncertainty that remains for oil,” he said.

Investors are looking ahead to the U.S. weekly oil inventories data due later in the week.

U.S. crude and gasoline stockpiles likely rose last week, while distillate stocks were seen down, a preliminary Reuters poll showed on Monday. 29dk2902l

Follow BOE Report
  • Facebook
  • X
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Discount on Western Canada Select widens
  • European Commission proposes Russian oil price cap 15% below global price
  • US oil/gas rig count down for 11th week to lowest since 2021, Baker Hughes says
  • Taiwan’s CPC Corp eyes US shale gas assets, sources say
  • Saudi Arabia complying fully with voluntary OPEC+ target, energy ministry says

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contact
    • Report Error
    BOE Network
    © 2025 Stack Technologies Ltd.