The Energy Bulletin Weekly – 11 January 2020
Oil posted the biggest weekly gain since late September as Saudi Arabia’s plan to slice output spurred a surge in physical crude buying. In New York, futures advanced $3.72 this week, and Brent oil topped $55 a barrel for the first time since February. Last week’s pledge from Saudi Arab to cut production by 1 million b/d in February and March has made for a tighter supply outlook sooner than anticipated. Meanwhile, prospects for additional stimulus under a Biden administration spurred broader market gains.