The price of oil continues to rise
Thursday 11th March 2021 8:46 PM
(ABM FN-Dow Jones) The price of oil continued to rise on Thursday. At a settlement of $ 66.02, the price of a WTI barrel is 2.5 percent.
OPEC released its monthly report on Thursday, to become more positive about the expected growth in oil demand in 2021, as a result of the introduction of Corona vaccines and financial support in the United States.
The organization expects to grow this year from 5.9 million barrels per day to a total of 96.3 million barrels per day. That was an upward revision of 200,000 barrels per day from the previous month’s report.
According to CMC Markets analyst David Madden, the oil market has benefited not only from the OPEC report on Thursday but also from the optimism surrounding the $ 1.9 trillion Corona support package, which Biden signed.
Investors ignored, like Wednesday, the massive rise in US oil inventories last week, by about 14 million barrels. This was matched by a decrease in oil inventories by 12 million barrels and a decrease in fuel oil inventories by 5.5 million barrels.
According to PBC Capital Markets analyst Michael Tran, the fundamental picture for oil prices is currently very strong.
Tran said the possibility of improved weather conditions, and with it an expected increase in gasoline demand as consumers often own cars, should support oil prices after the summer months.
ABM Financial News; [email protected]; Revised text: +31 (0) 20 26 28999.
