Oil trading news

Here are some recent oil trading news and updates:

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 $42 per barrel in December 2020.
• Brent crude oil prices have been trading around $65-70 per barrel, after falling to a low of around $50 per barrel in December 2020.

Market Trends

• The oil market has been experiencing a supply glut, with global oil inventories remaining above the five-year average.
• The COVID-19 pandemic has had a significant impact on oil demand, with many countries imposing lockdowns and travel restrictions, leading to a decline in oil consumption.
• The oil market has also been affected by the ongoing trade tensions between the US and China, which has led to a decline in global trade and economic growth.

News and Updates

• The International Energy Agency (IEA) has warned that the oil market is facing a "perfect storm" of oversupply and weak demand, which could lead to a further decline in oil prices.
• The Organization of the Petroleum Exporting Countries (OPEC) has announced plans to cut oil production by 1.2 million barrels per day in the second half of 2021, in an effort to balance the market.
• The US Energy Information Administration (EIA) has reported that US crude oil inventories have fallen by 4.4 million barrels in the week ending July 16, which has helped to support oil prices.
• The European Union has announced plans to phase out fossil fuels by 2050, which could have a significant impact on the oil market in the long term.

Company News

• ExxonMobil has announced plans to cut its capital spending by 20% in 2021, in response to the decline in oil prices.
• Chevron has announced plans to cut its capital spending by 15% in 2021, in response to the decline in oil prices.
• Royal Dutch Shell has announced plans to cut its capital spending by 10% in 2021, in response to the decline in oil prices.

Economic Indicators

• The US economy has been experiencing a slow recovery from the COVID-19 pandemic, with GDP growth slowing to 1.9% in the first quarter of 2021.
• The European economy has also been experiencing a slow recovery, with GDP growth slowing to 0.4% in the first quarter of 2021.
• The global economy is expected to grow by around 3.5% in 2021, according to the International Monetary Fund (IMF).

I hope this information is helpful!