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Oil: Brent crosses a new symbolic barrier

25/02/2021
Source : ORISHAS FINANCE
Categories: Sectors

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Oil market has recorded good performances in recent days. Oil prices continued to rise. Brent has just posted its highest level for more than a year and goes to 64 dollars. The North Sea Brent crossed a new symbolic barrier yesterday morning and goes to its highest for more than a year. On Wednesday around 10:45 GMT (11:45 CET), a barrel of Brent North Sea crude for April delivery gained 1.06% in London from Tuesday's close of $64.02, shortly after hitting 64.06. dollars, a price not seen since January 22, 2020. The American barrel of WTI for the month of March, advanced at the same time by 0.85% to 60.56 dollars, after crossing the threshold of 60 dollars last Monday, for the first time in a year and a week after Brent. According to oil market analysts, this trend can be explained in particular by a favorable environment for prices and disruptions in American supply caused by a historic cold spell in the USA. This situation "has increased the demand for energy and at the same time disrupted the supply in the main producing regions", explained Stephen Innes, of Axi, and commented that it is "a perfect cocktail to drive the rise lessons".
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