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Oil prices: Brent passes the 65 dollar mark

23/02/2021
Source : ORISHAS FINANCE
Categories: General Information

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Stimulated by an American supply still disrupted by a cold snap and an optimistic analyst study, the barrel of Brent finished above 65 dollars for the first time in more than a year. Awaiting the next OPEC+ summit on March 4, oil prices rose to their highest in more than a year on Monday. The price of a barrel of Brent thus exceeded the 65 dollar mark on Monday for the first time since the beginning of January 2020. A barrel of Brent from the North Sea for delivery in April ended at 65.24 dollars in London, taking $2.33 or 3.70%, to its highest level since Jan. 9, 2020. WTI's U.S. barrel for the month of March, which is on its last trading day, climbed 3.80% or $2.25 to $61.49, a high since Jan. 7 of last year. The climate has led to the cessation of 40% of the country's oil production, according to Carsten Fritsch, an analyst at Commerzbank. “The cold spell probably impacted production in Texas in a more significant way than the markets expected,” insists Andy Lipow of Lipow Oil Associates. In a recent note, Goldman Sachs on Sunday drew investors' attention to black gold prices. "We now expect oil prices to rebound earlier and stronger, supported by lower inventories and higher operating costs to start production," Goldman Sachs said in a study. The question for the markets now is how much will they increase production from April 1st.
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