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OPEC says worst is over for oil market

Crude oil benchmarks showed choppy price action on Tuesday, January 26, with Brent ticking up 0.05% to $55.69/bbl, while WTI dipped 0.19% to $52.64/bbl.

The 2021 World Economic Forum opened this week in Davos, Switzerland and the event is to be held virtually due to the Covid-19 pandemic. OPEC Secretary General Mohammad Barkindo said at the forum that the worst for the oil market is over, and in line with OPEC estimates, global oil demand will reach 95.9 mbpd in 2021, up 5.9 mbpd.

This morning, oil prices rallied as Brent is up 0.56%, and WTI is 0.6% higher. Today we see Brent trading in the range of $56-57/bbl.

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