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Gulf Today Report
Oil prices advanced on Wednesday, uplifted by the progress made in US vaccine rollouts, although uncertainty about OPEC+ Thursday meeting curtailed gains.
US West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.3%, to $59.93 a barrel by 03:56 GMT while Brent crude futures rose 29 cents, or 0.46%, to $62.99 a barrel.
According to analysts, demand has recovered due to the rollouts of vaccine, thereby, supporting oil prices.
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Market is paying close attention to OPEC+ forthcoming meeting, as it remains positive on the oil market outlook.
The market widely expects them to ease production cuts, which were the deepest ever, by about 1.5 million barrels per day (bpd), with OPEC's leader, Saudi Arabia, ending its voluntary production cut of 1 million bpd.
Brent crude futures added 61 cents, or 1%, to $64.68 a barrel, as of 04:28 GMT while US West Texas Intermediate (WTI) crude futures gained 28 cents or 0.5% to $61.56 a barrel.
Benchmark Brent climbed as high as $71.38 a barrel while US West Texas Intermediate (WTI) crude was down 22 cents or 0.3% at $65.87 after touching $67.98 a barrel.
Brent crude dropped 70 cents, or 1.1%, to $62.99 a barrel by 04:57 GMT while US West Texas Intermediate (WTI) crude fell 71 cents, or 1.2%, to $59.93 a barrel.
US central bankers should not raise interest rates at their next meeting, Philadelphia Federal Reserve (Fed) President Patrick Harker said on Thursday,
Goldman Sachs Group Inc plans to cut more jobs as a difficult economic environment weighs on dealmaking and trading revenue may slump 25 per cent this quarter, the bank’s president said.
The World Bank’s new president Ajay Banga on Friday asked the lender’s 16,000 staff to “double down” on development and climate efforts as he seeks to accelerate the bank’s