Oil prices closed the week in the green, despite a noticeable drop occurring on Friday. By Monday morning oil prices recovered again thanks to reports on progress on the US stimulus package.
In terms of oil stockpile data, this week as usual the American Petroleum Institute (API) publishes its weekly statistical bulletin which includes data up to February 26, on Tuesday. Then the Energy Information Administration (EIA) releases its datasets, which include crude oil, gasoline and distillate statistics on Wednesday.
The key event this week however will be the meeting of the OPEC+ countries on Thursday. Driven by the strong improvement in oil prices it remains to be seen what measures the block will decide. In the past weeks it was rumoured that Saudi Arabia would prefer to keep the current strict production quotas, while some other countries, especially Russia would prefer to ease the restrictions in place. Given the continued rise of oil prices a change might indeed come sooner than expected. However, given the significant reliance on the oil industry Saudi Arabia in the past oftentimes targeted prices which are still above the current level where Brent crude is traded.
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