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Oil Posts Its Strongest January in Decades as Market Tightens

  • Futures curve points to scarcity of supply and strong demand
  • OPEC+ alliance to meet Wednesday to assess the market
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WATCH: Chevron Chairman and CEO Mike Wirth discusses 4Q results, the potential for triple-digit oil prices, and the company’s approach to M&A.Source: Bloomberg
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Oil had its biggest January gain in at least 30 years as robust demand outpaced fresh supply. 

The global benchmark settled above $91 a barrel, posting a 17% gain this month. The combination of booming demand, scratchy supply and dwindling stockpiles has helped crude soar this month, with top banks and oil companies saying prices may soon pass $100 a barrel.