UK and six EU countries vowed to stop providing guarantees, related to all projects linked to exports of fossil fuels, Reuters reported. The initiative includes Britain, Germany, France, The Netherlands, Denmark and Sweden. Official representatives of governments in London, Paris and Berlin are expected to seal formally the pact on Wednesday, French Finance Minister Bruno Le Maire said. The intended deal includes halt of all public export guarantees.

The German engineering conglomerate Siemens has expressed expectations to receive some of the funds, envisaged for economic revival by US President Joe Biden, Reuters reported. Biden had announced generous plans to address the economic slowdown, caused by the pandemic by targeting massive funds to infrastructure restoration and development. The infrastructure spending is seen reaching as high as $2.3 trillion.

Royal Dutch Shell announced it expected a significant drop in fuel sales in the first quarter of 2021, Reuters reported. The world’s biggest fuel retailer expects a very slow recovery of the markets undermined by Covid-19 lockdowns in major industrial countries. In a trading update, Shell said it saw refined oil product sales at 3.7-4.7 million barrels per day (bpd) for the first quarter of 2021, compared with just under 4.8 million bpd in the last quarter of 2020. It had previously forecast sales of 4-5 million bpd.

International crude priced rose as post-pandemic economic outlook improved on the back of fast vaccine rollout and stimulus packages in industrial countries, Reuters reported. The biggest oil consumer in the world also reported a drop of inventories which prompts a further price rise. Brent futures rose up to $63.08 a barrel while US West Texas Intermediate spiked to $59.65.

The biggest US oil producer Exxon Mobil said it was on the verge to return to profit driven by the latest price rally and signs of restoring market demand, Reuters reported. Exxon’s positive outlook will bring the company to profits for the first time in five quarters. Higher oil and gas prices will provide a rise evaluated at some $2.7 billion. Exxon last year posted consecutive quarterly losses as falling oil prices and refining margins triggered write downs.

The expanded panel of oil producing countries OPEC+ said it expects world oil demand and consumption to recover at slower pace than previously estimated, Reuters reported. The 2021 oil demand growth forecast had to be trimmed by 300,000 barrels per day following concerns linked to global market outlook.

International oil prices recovered at the end of the week amid fears that Suez Canal may remain blocked for weeks, delaying a large number of cargo ship traffic, Reuters reported. Prices, however, were still headed for a third consecutive weekly loss.

Saudi Arabia's state-backed oil giant Aramco saw its profit tumble by 44% last year, as coronavirus pandemic restrictions slashed fuel demand around the globe.

Oil slipped for a fourth day on Wednesday as concerns about weaker demand in Europe outweighed an industry report that showed US crude stockpiles unexpectedly fell last week.

Oil continued its rally as the organization of major producers decided to extend limits on output through April, waiting for substantial proofs for a recovery in demand, Reuters said. Many analysts had expected a small production increase as the price of oil has risen 30% since the start of the year on hopes that the pandemic will ease, allowing for an economic rebound that should increase energy consumption.