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

Comments