Higher oil prices likely this year | Sunday Observer

Higher oil prices likely this year

7 February, 2021

Last week oil hit some milestones in the year-long recovery from the demand crash of 2020. West Texas Intermediate, (WTI) hit and moved past the $55.00 level, and Brent moved closer to $60.

These are some important psychological barriers for the market, and if sustained, as we expect they will be, will push prices higher. 

The API announced a significant draw of ~4.3 mm barrels in crude stocks yesterday when a modest build was expected. Moves lower in gasoline and distillate stocks bolstered this price move, as it suggested refineries were cranking out product to meet present and anticipated demand. oilprices.com