Oil Prices Remain Stable By The Weekend - Kakiforex | Forex markets for the smart money. Oil Prices Remain Stable By The Weekend Oil Prices Remain Stable By The Weekend

February 26, 2021

Oil Prices Remain Stable By The Weekend

 Oil prices remained strong despite a slight decline in the Asian session, with prices moving towards a fourth straight month after being supported by declining oil supply.


U.S. WTI crude futures fell 36 cents to $ 63.17 a barrel, dropping all gains on Thursday. Brent crude futures fell 18 cents to $ 66.70 a barrel.


Despite the decline, price strengthening continued to gain support from the prospect of a reduction in oil supply following a snowstorm in Texas that has paralyzed its major energy industry.



Meanwhile, Saudi Arabia's willingness to make additional cuts in its production earlier this year also helped reduce market concerns over oversupply.


Ahead of the OPEC + meeting next week, there are rumors that other member states will propose that supply remain stable, while Russia is allowed to increase production.


The OPEC + meeting will be the main focus of the market to gain clarity on any changes in production levels in April as prices continue to show recovery.