Oil recovered with new records on Friday, February 12, 2021. Brent jumped more than 2% to $62.43 and WTI climbed to $59.47

Despite the mixed outlook shared the day before by the International Energy Agency (IEA) and the Organization of Petroleum Exporting Countries (OPEC), oil prices recovered.
North Sea Brent crude oil for delivery in April gained 2.10% or $1.29 in London compared to Thursday's close to $62.43, shortly after reaching $62.85. At the same time, the American barrel of WTI for the month of March rose by 2.11% or 1.23 dollars to

Bill O'Grady of Confluence Investment justifies this situation by the rising market trend. “Usually, at this time of the year, there is an increase of 10% to 15% in crude oil reserves, this is the norm. But this year, we've only seen a series of inventory cuts, and that's really unusual. We are witnessing growing demand in the face of fairly stable supply, which is causing prices to inflate,” explains the analyst

Two reports published on Thursday by the IEA and OPEC show a mixed outlook on demand for black gold. “OPEC has warned that demand will fall due to factory closures that will reduce economic activity. In addition, the IEA noted that the oil market was still in an oversupply situation,” said David Madden, an analyst at CMC Markets