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Oil Prices Jump Over 3% Ahead Of Inventory Data

Oil Prices Jump Over 3% Ahead Of Inventory Data

Another catalyst for higher oil prices is the weaker U.S. dollar, which makes oil less expensive for those countries holding other currencies

Finally, OPEC+’s inability to ramp up production as quickly as it has agreed to is also lending support to crude oil prices. While the larger OPEC+ group has agreed to increase output at 400,000 bpd, it has been unable to achieve this volume in any month. For December, the smaller OPEC group managed to increase output by just 70,000 bpd up from November, quite shy of the 253,000 bpd that was its share of the 400,000 bpd hike that OPEC+ agreed to

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Marine • 1 day 80.44 -0.29 -0.36% Murban • 1 day 81.98 -0.05 -0.06% Iran Heavy • 1 day 76.55 -0.99 -1.28% Basra Light • 42 days 71.69 -3.60 -4.78% Saharan Blend • 1 day 82.59 -1.01 -1.21% Bonny Light • 1 day 81.13 -0.68 -0.83% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Bonny Light • 1 day 81.13 -0.68 -0.83% Girassol • 1 day 81.89 -0.95 -1.15% Opec Basket • 1 day 81.75 -0.39 -0.47% Click Here for 150+ Global Oil Prices

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Canadian Crude Index • 1 day 64.52 -0.77 -1.18% Western Canadian Select • 10 hours 65.73 -0.77 -1.16% Canadian Condensate • 10 hours 77.23 -0.67 -0.86% Premium Synthetic • 10 hours 78.63 -0.67 -0.84% Sweet Crude • 10 hours 75.83 -0.82 -1.07% Peace Sour • 10 hours 72.23 -0.67 -0.92% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Peace Sour • 10 hours 72.23 -0.67 -0.92% Light Sour Blend • 10 hours 75.08 -0.67 -0.88% Syncrude Sweet Premium • 10 hours 78.13 -0.72 -0.91% Central Alberta • 10 hours 72.23 -0.67 -0.92% Click Here for 150+ Global Oil Prices

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Louisiana Light • 1 day 80.51 -1.21 -1.48% Domestic Swt. @ Cushing • 1 day 74.50 -1.00 -1.32% Giddings • 1 day 68.25 -1.00 -1.44% ANS West Coast • 4 days 82.79 -0.43 -0.52% West Texas Sour • 1 day 72.18 -0.67 -0.92% Eagle Ford • 1 day 76.13 -0.67 -0.87% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Eagle Ford • 1 day 76.13 -0.67 -0.87% Oklahoma Sweet • 1 day 74.50 -1.00 -1.32% Kansas Common • 1 day 68.50 -0.75 -1.08% Buena Vista • 1 day 81.22 -1.17 -1.42% Click Here for 150+ Global Oil Prices

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Home Energy Oil Prices Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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Share Facebook Twitter Linkedin Reddit Premium Content Oil Prices Jump Over 3% Ahead Of Inventory Data By Julianne Geiger – Jan 11, 2022, 11:21 AM CST Join Our Community Oil prices jumped more than 3% on Tuesday afternoon in the runup to the much-watched API crude oil inventory data report as doubts continue to be raised about OPEC’s ability to respond to an increase in demand.

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At 11:54 a.m. EST, WTI was trading up $3.04 (+3.89%) per barrel at $81.27. The Brent crude oil benchmark was trading up $2.76 (+3.41%) per barrel at $83.63 for the highest level this year

On Monday, the narrative was precisely the opposite, as Omicron fears cast doubt over the short-term oil demand effects, particularly with China, which has a habit of aggressively locking down infected regions to slow the spread of the virus. But by Tuesday, the market had swung the other way on reports that OPEC+’s spare capacity will dwindle into the second half of the year as it gradually increases output targets between now and then at the rate of an additional 400,000 bpd each month.

Another catalyst for higher oil prices is the weaker U.S. dollar, which makes oil less expensive for those countries holding other currencies

Finally, OPEC+’s inability to ramp up production as quickly as it has agreed to is also lending support to crude oil prices. While the larger OPEC+ group has agreed to increase output at 400,000 bpd, it has been unable to achieve this volume in any month. For December, the smaller OPEC group managed to increase output by just 70,000 bpd up from November, quite shy of the 253,000 bpd that was its share of the 400,000 bpd hike that OPEC+ agreed to.

OPEC+ has agreed to increase another 400,000 bpd in February, but as OPEC+ increases production each month to varying degrees, its excess capacity dwindles, diminishing OPEC’s ability to respond to increased demand

On the dollar front, the dollar weakened in part because traders are wary of December inflation data that is set to be released on Wednesday, and in part due to anticipated interest rate hikes by the federal reserve

By Julianne Geiger for Oilprice.com

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