Oil prices rose during the morning trading of Monday's session, amid a state of anticipation for the developments of the Corona virus pandemic around the world in light of the increase in infections and the discovery of new strains of the virus with a follow-up distribution And vaccine production.
According to Reuters, (Fitch Solutions) expected a recovery in demand for crude, led by North America and the Asia Pacific region, while it believes that the recovery of demand will be slower in Europe and America. Latin America due to the slow economic recovery in the main markets in those regions.
According to an agency survey, oil prices are expected to remain at their current levels for most of the year before they begin to recover by the end of 2021.
In terms of trading, the price of Brent crude for April delivery rose by 0.8% to $ 55.46 a barrel. US Nymex crude for March delivery also rose 0.6% at $ 52.49 a barrel.
On the other hand, according to Bloomberg, the (OPEC) group and its allies estimated that they had implemented the agreed-upon oil production cuts of 99% during last January.
The compliance data for OPEC + with the production cut agreement are preliminary and will be reviewed by the group's joint technical committee on Tuesday.
and (OPEC +) aimed to reduce 7.2 million barrels per day from the market during January, or the equivalent of about 7% of global supplies, as they pledged to increase production by 500 thousand barrels From December as part of a plan to ease production cuts.
