- February 5, 2021
- Posted by: medium
- Category: International
The price of oil has been experiencing a rise in recent days that has led this market to have the best results in months.
This Friday the prices of the different varieties continued to increase after four consecutive days. The barrel ofBrent was close to $60, the highest price since February 20, 2020,at the beginning of the pandemic.
On Friday morning, a barrel of North Sea Brent for delivery in April gained 1.10% in London compared to Thursday's closing price and stood at $59.75.
The barrel of WTI, which is the reference for Ecuador, also increased by 1.08% for March and stood at 56.84 dollars after reaching 57.09, its highest price since February 22.
Crude oil prices “continue to increase and the barrel of Brent is approaching the psychological barrier of $60 per barrel,” according to Eugen Weinberg, an analyst at Commerzbank.
“The support from OPEC after its meeting on Wednesday” drives this rise, according to Stephen Innes, analyst at the firm Axi.
The members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies showed this week their confidence in a reactivation of the world economy and, consequently, of the demand for crude oil.