oil prices approached a multi-month high on Monday thanks to expectations that OPEC and allied producers will be restricted to current levels in February.
According to CNBC Arabia, prices rose in line with the financial markets in general, while Brent crude reached $ 53.17 a barrel, its highest level since March 2020. And touched West crude US Texas Intermediate $ 49.71, its highest level since February 2020.
Brent crude futures for March delivery were at $ 52.97 a barrel, up $ 1.17, or 2.3 percent, by 0617 GMT, while West Texas Intermediate crude futures rose. The US dollar, or 2.1 percent, to $ 49.52 per barrel.
Energy Aspects analyst Virendra Chauhan said broader overall momentum trends, particularly the dollar's weakness and investor preparedness for a recovery in the oil sector this year, may provide support for oil prices. / p>
He added, there may be some positive sentiment from the OPEC study + supply restrictions in light of the virus showing its ugly face in the West.
OPEC Secretary-General Mohamed Barkindo said on Sunday that while demand for crude is expected to rise by 5.9 million barrels per day to 95.9 million barrels per day this year, the organization expects Many risks threatening the demand for demand in the first half of 2021.
and prices for 2020 ended 20 percent lower than the 2019 average, as they are still recovering from the impact of global lockdown measures, which have reduced the demand for fuel, even at the time. In which major global producers agreed to implement record production cuts.
OPEC and allied producers including Russia, the group known as OPEC +, decided last month to increase production by 500 thousand barrels per day in January, in anticipation of increased demand, and they agreed on Hold a monthly production review meeting.
Analysts at Energy Aspects and RBC Capital say OPEC + is likely to keep OPEC + at production levels in January in February.
>
