{"id":399333,"date":"2021-02-05T12:18:34","date_gmt":"2021-02-05T06:48:34","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=399333"},"modified":"2021-02-05T12:37:06","modified_gmt":"2021-02-05T07:07:06","slug":"oil-extends-rally-after-opec-pledges-to-keep-clearing-surplus","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-extends-rally-after-opec-pledges-to-keep-clearing-surplus\/","title":{"rendered":"Oil extends rally after OPEC+ pledges to keep clearing surplus"},"content":{"rendered":"<p>Oil rose for a fourth day after OPEC and its allies pledged to keep rapidly clearing the global surplus built up during the Covid-19 pandemic.<\/p>\n<p>Futures in New York traded above $56 a barrel after closing at the highest level in more than a year. OPEC+ ministers led by Saudi Arabia and Russia \u201cstressed the importance of accelerating market re-balancing without delay\u201d amid \u201cuncertain\u201d prospects for oil demand, according to a communique.<\/p>\n<p>The alliance\u2019s efforts appears to be working despite a still tenuous recovery in demand: US crude stockpiles shrunk to the smallest in more than 10 months, government figures showed Wednesday, while Chinese inventories are at the lowest in almost a year, data provider Kayrros said. West Texas Intermediate is up around 7% this week, while Brent is within sight of $60 a barrel.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil rose for a fourth day after OPEC and its allies pledged to keep rapidly clearing the global surplus built up during the Covid-19 pandemic. Futures in New York traded above $56 a barrel after closing at the highest level in more than a year. OPEC+ ministers led by Saudi Arabia and Russia \u201cstressed the importance of accelerating market re-balancing without delay\u201d amid \u201cuncertain\u201d prospects for oil demand, according to a communique. The alliance\u2019s efforts appears to be working despite a still tenuous recovery in demand: US crude stockpiles shrunk to the smallest in more than 10 months, government figures [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[141,130,183],"tags":[],"class_list":["post-399333","post","type-post","status-publish","format-standard","hentry","category-hindustantimes","category-newspapers","category-oil-gas-hindustantimes"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/399333","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=399333"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/399333\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=399333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=399333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=399333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}