Crude oil prices moved higher on Tuesday, extending recent uptick, as the Organization of the Petroleum Exporting Countries (OPEC) and their allies’ move to cut production helped ease worries about any excess supply in the market.

Also, with the vaccination drive gathering momentum in several countries, concerns about the outlook for energy demand have eased a bit.

West Texas Intermediate Crude oil futures for March ended up $1.21 or about 2.3% at $54.76 a barrel, the highest settlement in more than a year.

Brent crude futures were up $1.18 or 2.1% at $57.51 a barrel a little while ago.

Analysts said an uptick in economic and travel activity fueled by Covid-19 vaccines could accelerate in the second half.

Goldman Sachs expects global oil demand to recover to pre-pandemic levels of 100 million bpd by August this year, while prices are expected to rise to $65 a barrel by July amid a tight oil market and slow rebound in demand.

A survey by Reuters says major producers were restraining output growth “roughly in line with their commitments.”

Meanwhile, the number of new coronavirus cases globally has fallen for the third week in a row, the World Health Organization (WHO) reported on Monday, but urged countries not to let up efforts to defeat the disease.

The material has been provided by InstaForex Company – www.instaforex.com

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