February 8, 2021

The cost of futures for Brent crude oil on the London ICE exchange at the auction on Monday, January 8, for the first time in more than a year exceeded $ 60 per barrel, having risen to $ 60.05.

 

According to DW, the last time a barrel of Brent cost more than $ 60 was only on January 29, 2020.

 

Futures for WTI crude oil for March delivery grew 1.19% to $ 57.53. Thus, over the past week, Brent oil rose in price by 7.8%, WTI – by 8.9%.

 

Players in the oil market are optimistic.

 

Analysts have noted the positive sentiment of market participants due to the massive vaccination against coronavirus in the United States and the hope of an increase in demand for raw materials as the American economy recovers.

 

Oil rises in price against the backdrop of the OPEC+ declared commitment to the policy of containing production. The OPEC forecast that the oil market will remain in short supply for the whole of 2021 added to the positive market.

 

Strong demand from China remains an important driver of the rise in oil prices, which has not abated despite new coronavirus outbreaks. 127 tankers with 250 million barrels of oil are sent to Chinese ports. This is the maximum in six months, notes DW.

 

Source: Turan News Agency

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