May 6, 2021
Oil prices pushed up to $65 a barrel early in the week. Most investors citing expectations of a
demand boom in the U.S. as COVID starts to clear. Some were left puzzled as surging COVID
cases in India have started to deplete the traditional energy demand. India is a strong importer
and the third-largest oil consumer, but they also sit second in new COVID Cases. Despite all of
this OPEC has said they are “bringing some production cuts back to the global market” signaling
their effort to keep prices elevated to what they see is a normal level, but OPEC sees demand
warming globally and doesn’t anticipate large production cuts. Finally, Iran could be reaching
the end of its sanctions which would provide a boost to production.
(Houston)
FINSUM + Magnifi: We’re bullish on traditional energy with demand surging, and OPEC’s willingness to maintain price stability only makes oil a stronger play.
Other news today: Tech Volatility to Jump as Fed Decision Looms and The Top Stock Plays in China
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