Brent Oil’s Price Exceeded 55 Dollars for the First Time since February 2020
OREANDA-NEWS. On January 8, price of Brent crude during trading on the Intercontinental Exchange in London, exceeded 55 US dollars per barrel for the first time since February 25, 2020. According to the trading data at 11:15 UTC, the cost of March futures for Brent increased by 1.21 % to the level of closing of previous trading and amounted to 55.1 dollars per barrel.
In turn, WTI crude oil grew in price by 1.22 %, reaching 51.49 dollars per barrel.
The prices are affected by optimistic forecasts for supply and demand for fuel. Investors expect an economic recovery this year, which has a positive effect on the prospects for oil demand.
Two days ago, the price of Brent crude rose above 54 dollars per barrel for the first time since February 26.
Earlier, on January 5, the OPEC+ countries agreed on the volume of oil production in February and March. Russian Deputy Prime Minister Alexander Novak said that oil prices are higher than previously predicted, thanks to incentive measures in a number of countries and mass vaccination against coronavirus.