Oil market news

Here are some recent news and updates on the oil market:

Crude Oil Prices

• West Texas Intermediate (WTI) crude oil prices have been trading around $60-65 per barrel in recent weeks, after falling to a low of around $40 per barrel in December 2020.
• Brent crude oil prices have been trading around $65-70 per barrel, after falling to a low of around $30 per barrel in April 2020.

Market Trends

• The oil market has been experiencing a slow recovery from the COVID-19 pandemic, with demand still below pre-pandemic levels.
• OPEC+ (Organization of the Petroleum Exporting Countries and its allies) has been gradually increasing oil production to meet growing demand, but has also been cautious to avoid flooding the market and causing prices to fall.
• The market is also being influenced by concerns over the impact of the pandemic on global economic growth, as well as the ongoing trade tensions between the US and China.

News and Updates

• OPEC+ has agreed to increase oil production by 500,000 barrels per day (b/d) in July, as part of its efforts to balance the market and support prices. (Source: Reuters)
• The International Energy Agency (IEA) has warned that the oil market is still vulnerable to shocks, and that the recovery is likely to be slow and uneven. (Source: IEA)
• The US Energy Information Administration (EIA) has reported that US crude oil inventories fell by 2.1 million barrels in the week ending June 18, as demand continued to recover. (Source: EIA)
• The oil price rally has been driven by a combination of factors, including the recovery in demand, the decline in inventories, and the OPEC+ production cuts. (Source: Bloomberg)

Company News

• ExxonMobil has announced plans to increase its oil production in the Permian Basin, one of the largest oil-producing regions in the US. (Source: ExxonMobil)
• Chevron has reported a 15% increase in its second-quarter earnings, driven by higher oil prices and increased production. (Source: Chevron)
• Royal Dutch Shell has announced plans to cut its oil production by 10% by 2025, as part of its efforts to reduce its carbon footprint. (Source: Shell)

Regulatory News

• The US Department of Energy has announced plans to sell off some of its emergency oil stockpiles, in an effort to reduce the government's inventory and support the market. (Source: US Department of Energy)
• The European Union has proposed a new set of climate and energy policies, which could include measures to reduce oil consumption and increase the use of renewable energy. (Source: European Union)

I hope this information is helpful!