Oil Advances With Equities as Traders Wait for Clues From EIA
(Bloomberg) -- Oil rose as traders looked ahead to a slew of market data that’ll shed light on supply-demand trends after OPEC+ cut production.
West Texas Intermediate advanced above $80 a barrel, gaining along with equities while the dollar fell. In the US, the Energy Information Administration unveils its short-term outlook later Tuesday, while OPEC and the International Energy Agency are also scheduled to issue monthly reports this week.

Crude has rebounded from a 15-month low hit in March as a concerns over a banking crisis faded, US stockpiles fell, and the Organization of Petroleum Exporting Countries and its allies cut output. In addition, there have been disruptions to supply, including a halt to pipeline flows from Iraq to Turkey.
Key metrics suggest tighter conditions. Brent’s December-December spread — the difference between futures for the final month this year and in 2024 — widened to $5.50 a barrel. That compares with $2.53 a barrel three weeks ago.
©2023 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news

China’s Oil Teapots Cut Runs to Pandemic Levels After Sanctions

China Refiners Set to Resell US Oil Cargoes After Tariff Blitz

Shell starts up new facility in UK North Sea, restoring production from the Penguins field

Oil Falls to Lowest Settlement Price of 2025 as Traders Flee

Oil Falls After Trump Delays Canada, Mexico Tariffs by a Month

Wright Confirmed to Lead Energy Agency Key to Trump’s Plans

Oil Rises as Trump Slaps Tariffs on Biggest Crude Supplier to US

UAE’s Adnoc Aims to Buy Nova Chemicals, Roll Into Deal With OMV

Ukrainian Drone Surge Highlights Russian Oil Refining Risk
