# Oil rises but remains rangebound as OPEC cuts offset virus fears | Financial Post

> Oil prices edged higher on January 29 but traded in a tight range. Brent for March rose to $56.13 a barrel and WTI to $53.04, as new coronavirus variants and slow vaccine rollouts offset Saudi output cuts and a drop in US inventories.

- Date: 2021-01-29 · published 2021-01-29T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/49317-oil-rises-but-remains-rangebound-as-opec-cuts-offset-virus-fears-financial-post
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Crude is holding firm with limited direction, so energy costs for feed logistics are stable in the near term. Demand worries cap upside even as supply cuts provide support.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/oil-rises-but-remains-rangebound-as-opec-cuts-offset-virus-fears-2

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.