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Oil settles near $70/bbl on hopes of recovering demand

Oil settles near $70/bbl on hopes of recovering demand thumbnail

Oil settled near $70 a barrel on Friday, supported by production cuts by major oil producers and optimism about a demand recovery in the second half of the year.

FILE PHOTO: Oil tankers are pictured in the waters off Tuas in Singapore July 15, 2019. REUTERS/Edgar Su

Benchmark Brent settled down 41 cents, or 0.6%, to $69.22 a barrel. U.S. West Texas Intermediate crude also ended down 41 cents to $65.61 a barrel.

Brent and U.S. crude ended the week roughly flat after prices touched a 13-month high on Monday, following seven straight weeks of gains.

“Demand for risky assets such as oil continues to be buoyed by the White House relief package and an almost daily flow of optimistic vaccine headlines,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.

The Organization of the Petroleum Exporting Countries forecast a stronger oil demand recovery this year, weighted to the second half. OPEC, Russia and its allies decided last week to maintain its output curbs almost unchanged.

U.S. drillers are also holding back, cutting the number of oil and natural gas rigs operating for the first time since November, according to data from energy services firm Baker Hughes Co.

“The stronger-than-expected rebound in the second half of this year implies that the global economy and hence oil demand outlook is close to shaking off its COVID woes,” PVM analysts said.

RBC Capital analysts said the fundamentals for summer gasoline was the most bullish in nearly a decade.

The United States, world’s largest oil consumer, saw a big draw on U.S. gasoline stocks last week as the winter storm in Texas disrupted refining output. [EIA/S]

Sustained higher oil prices are expected to encourage U.S. producers to increase output, which could eventually weigh on prices, JPMorgan analysts wrote.

JPMorgan expects U.S. oil output to average 11.36 million barrels per day this year compared with 11.32 million bpd in 2020.

Earlier this week, the government revised down 2021’s decline expected in U.S. crude production. Output is seen falling 160,000 bpd to 11.15 million bpd, a smaller decrease than its previous monthly forecast for a 290,000-bpd drop.


11 Comments on "Oil settles near $70/bbl on hopes of recovering demand"

  1. DT on Sat, 13th Mar 2021 4:15 pm 

    As things open back up and the demand goes up against a dwindling supply, lets all cheer on the ultimate crash of humanity when oil goes up to $200 per bbl.

  2. makati1 on Sun, 14th Mar 2021 4:31 pm 

    DT, what makes you believe that things are going to open up? Especially in the West and Amerika? I don’t see that happening any time soon. Maybe never.

    The whole idea of this plandemic is to take Amerika down, not let it “recover”. The Great Leveling gives the rest of the world time to catch up as the West sinks. About time.

    And how do you plan to “recover” when tens of millions of renters and homeowners are many thousands of dollars behind in their rent and mortgages and are still unemployed? Not to mention the millions who will never be able to find work because their jobs are gone forever? Automated or just gone.

    This is a new world and those who will survive will adjust. “Papers please!”

  3. Biden's hairplug on Wed, 17th Mar 2021 2:31 am 

    Trump hopes to take on Meghan Markle in 2024:

    “Trump on Meghan Markle: ‘I’m not a fan of hers'”

  4. FamousDrScanlon on Wed, 17th Mar 2021 2:03 pm 

    Mak, no plandemic is needed for the US to collapse – typical American exceptionalist – it’s all about us – self flattery.

    FBI Uncovers Al-Qaeda Plot To Just Sit Back And Enjoy Collapse Of United States

    “WASHINGTON—Putting the nation on alert against what it has described as a “highly credible terrorist threat,” the FBI announced today that it has uncovered a plot by members of al-Qaeda to sit back and enjoy themselves while the United States collapses of its own accord.

    Multiple intelligence agencies confirmed that the militant Islamist organization and its numerous affiliates intend to carry out a massive, coordinated plan to stand aside and watch America’s increasingly rapid decline, with terrorist operatives across the globe reportedly mobilizing to take it easy, relax, and savor the spectacle as it unfolds.

    “We have intercepted electronic communication indicating that al-Qaeda members are actively plotting to stay out of the way while America as we know it gradually crumbles under the weight of its own self-inflicted debt and disrepair,” FBI Deputy Director Mark F. Giuliano told the assembled press corps. “If this plan succeeds, it will leave behind a nation with a completely dysfunctional economy, collapsing infrastructure, and a catastrophic health crisis afflicting millions across the nation. We want to emphasize that this danger is very real.”

    I recall the same BS from American white men after 9/11: ‘there’s no way a bunch of ragheads could pull that off bla bla bla’.

    Same again in 2016 from white libtard boys & girls who could not accept that a fat uncouth grifter like Trump could win a presidential election – then it flipped back to MAGA denial of a lost election, hallucination & blame.

    That exceptional level of US arrogance & denial is a big part of America’s self inflicted implosion.

    “Oh Lord it’s hard to be humble
    When you’re perfect in every way”

  5. FamousDrScanlon on Wed, 17th Mar 2021 3:09 pm 

    Why The United States Can’t Handle Crises

    •Mar 12, 2021

    “Covid-19, climate change, natural disasters, constant recessions, homelessness, declining life expectancy and quality of life, economic inequality…it seems like the United States is perpetually in crisis, and more often than not we fail to meet the challenge. Why is that? In this episode, we’ll explore the root cause of America’s inability to handle crises.”

    “…and of course we’ve watched our covid

    response become the worst in the world

    despite having advanced knowledge of the

    danger and plenty of resources to handle

    the situation appropriately”

    “the past few decades have seen an

    alarming acceleration in crisis


  6. makati1 on Wed, 17th Mar 2021 4:39 pm 

    Famous, it took the flu lie to take the US/West down fast, which is the plan. The old guys who are doing this will not live long enough to see it happen in slow motion. Theirs is the arrogance and greed.

    Did you know that Dr Fucky is 80? He got his doc degree over 50 years ago and never had a real medical practice. He has worked as a government whore for over 50 years and is the highest paid US government whore at $500,000. per year, plus bennies. The Prez only gets about $200,000.

    The whole world is watching the collapse of the Empire and hoping the almost dead president doesn’t start WW3.

    Pass the popcorn.

  7. FamousDrScanlon on Thu, 18th Mar 2021 12:50 am 

    Mak, you’re a typical dumb American – your address changes nothing. No plandemic, just the long expected cry baby hysterics when US whitey ran headlong into the ‘limits to growth’.

    Anytime an American sub-tribe gets smacked by the consequences of their own incompetence & stupidity the conspiracies & blame start flying.

    Here’s one of your own demonstrating how finished y’all are but are too dumb & distracted to see it.

    New Rule: Losing to China | Real Time with Bill Maher (

    “Bill warns Americans that while they’re busy obsessing over silly culture wars, China is overtaking them on the world stage.”

    The warning is pointless & too late. Y’all were done years ago & are just barely keeping your heads above the water on faith & fumes.

    No plandemic or Russians or Chinese or space aliens or any other childish scapegoats. It’s on you…. all of you.

    Secession would be for the best. Break up, start anew.

  8. makati1 on Thu, 18th Mar 2021 5:16 pm 

    Famous, maybe you need to change your drugs? I don’t live in Canada or the US. They are the assholes of the world today. Both going into the shitter together, along with the UK, and well deserved. You are just frustrated that you are locked into that shithole. I’m not.

    I watch from far shores. Here they still have freedoms and even nice weather. Summer is coming in North Amerika and so are the riots and more lock downs. Dr. Fucky will see to that. Enjoy!

    BTW: My neighbors and friends all have permanent tans. I’m not prejudiced like you are.

  9. FamousDrScanlon on Thu, 18th Mar 2021 9:51 pm 

    Mak, you Americans & the former Soviet Union both use ‘mental health’ to shut down debate & imprison BAU dissenters.

    I know of no other countries or people who use your tired change medication & see a shrink response.

    Mak, your body might live in the P’s but your mind is still in the US.

    You moved because it’s cheaper = more consumer goodies for you after the rent is paid.

    If you had moved to get away from the US insanity you would not be spending all day every day on a US web site talking about the US.

    Pretend all you want old man, no one believes you.

    Made in the USA. You’ll never change.

    Just another loud, know it all American who has not had an original thought in your entire fucking life.

    Political abuse of psychiatry in the Soviet Union

    The Political Abuse of Psychiatry in America

    USSR & USA both equally repressive nations with huge prison populations & security apparatuses that churned out more obedient sheep post ww2 (Boomers) than any other nations.

    Very few individuals will ever escape that astonishing & abusive degree of indoctrination.

    Fucked up systems produce fucked up people.

  10. makati1 on Fri, 19th Mar 2021 3:02 pm 

    Famoue, mental health is lacking in most Amerikans and Canadians these days, not to mention the EU and UK. The West is over. The East is the new future. Adjust!

  11. FamousDrScanlon on Fri, 19th Mar 2021 5:49 pm 

    Mak, agreed and IMO most of the adjusting is psychological.

    Step 1, learn to appreciate the absurdity of the shit-show including one’s self.

    Step 2, learn to not give a fuck or to give less fucks.

    Step 3, see steps 1 & 2.

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