Oil futures finished higher Tuesday with continued cuts in crude production and a pickup in demand, as pandemic-related lockdowns ease around the world, boosting U.S. prices by more than 3%.
“Supply and demand are both trending bullish for prices of late, with recent estimates citing a drop of 13-15 [million barrels per day] in terms of global production,” said Robbie Fraser, senior commodity analyst at Schneider Electric.
Much of that figure leans on the agreement by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, to slash 9.7 million barrels a day of output, while the U.S. also has “seen steep economic-driven declines of more than 1.5 mmbbl/d,” Fraser said in a daily market report.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.
