Oil Prices Rising Again as Market Balances — Market Talk

Inflation woes pin on global stocks
February 23, 2021
Again reassured about rates, Wall Street rebounds, record for the Dow Jones
February 26, 2021

Oil Prices Rising Again as Market Balances — Market Talk

US benchmark oil prices inch toward a fresh, 13-month-high early in NY, up 0.4% at $61.95 a barrel. “Oil is higher as the prospects of a return to a balanced market is in play,” says Peter Cardillo at Spartan Capital. The EIA last week said total US crude-oil inventories had erased a long-running surplus and were now roughly on par with the five-year average. This week’s data, due Wednesday morning, is almost certain to push storage into a deficit to the average given a sharp drop in US oil production last week due to a harsh winter storm in Texas. The global benchmark Brent rises 0.5% to $64.68 a barrel.