Tuesday , January 19 2021

Oil bounces high, enthusiastic Loney and shares



After a sharp decline in December, oil prices reached near $ 50 a barrel threshold with barrelmark North American contracts.

The West Texas Intermediate contract rose $ 1.68 to $ 49.64 per barrel on Monday morning.

Strong international prices have supported the Canadian contract, choosing from $ 1.93 to $ 37.93 with Western Canada.

In the strong energy sector, the TSX / S & P index was higher, midday by 13,4 points to 14,439. It also helps Luni, which together with the oil was more than 75 cents after the fall in December.

The commitments promised by the Organization of Petroleum Exporting Countries are kicked and tender volume from Saudi Arabia decreased by 500,000 barrels in December.

There is also a lower output from the North Sea and Alberta, which has implemented production caps because there is not enough pipeline capacity to market its crude.

Non-OPEC countries like OPEC and Russia agreed to reduce production of 1.2 million barrels a day in January.

US According to the latest data from the Energy Information Administration, exception is manufactured in the US, mainly Shell Oil, which grew 12% in the last month.

In a report released on Sunday, Goldman Sachs predicted its oil prices for 2019, because of increasing shell production and slowing economic growth.

In December, the oil slide added to fear due to a decline in economic growth as the US. And China continued their trade war.

Goldman Sachs says the WTI will be $ 55.50 per barrel in 2019, which was below the previous estimate of $ 64.50.

"We hope that the oil market will be balanced in lower costs in 2019: high inventory levels to start the year, continuing to beat the 2018 shell production growth, inflation is slightly lower, our expectations of the previous consensus predicted weak expectations of earlier expected growth expectations) And low production capacity has increased, "the report said.


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