MARKET VIEW
Weekly changes: XBRUSD +8.39%
Oil prices hit their highest level in a year and close in at 60 USD a barrel, supported by economic revival hopes and supply curbs by the OPEC producers group and its allies.
U.S. inventories are dropping to March 2020 lows last week.
KEY POINTS
XBRUSD (Brent) is approaching 60 USD on the back of a supply cut by the OPEC+. Another stimulus package also favours oil prices.
Aramco raised its official selling price of Arab Light for Northwest Europe for March by 1.40 USD per a barrel from the previous month, maintaining optimistic sentiment.
The rollout of COVID-19 vaccines has fed hopes of demand growth, but the OPEC does not expect oil consumption to return to pre-pandemic levels until 2022.
No comments:
Post a Comment