# Oil Steady With Market Structure Pointing to Tight Global Supply - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com

> Oil steadied near $53 a barrel as signs of tightening global supply offset concerns about the pandemic's latest demand hit. U.S. industry data pointed to a sharp drop in crude stockpiles, and the market moved into backwardation. Saudi Arabia and Iraq are cutting output in February, and Russia and Libya have also reduced exports.

- Date: 2021-01-27 · published 2021-01-27T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/49321-oil-steady-with-market-structure-pointing-to-tight-global-supply-energy-news
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Backwardation and tighter supply point to firmer energy costs, which raise diesel and freight expenses for feed buyers. Higher crude also supports biofuel margins and vegetable oil demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- energynow.com: https://energynow.com/2021/01/oil-steady-with-market-structure-pointing-to-tight-global-supply/

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