The barrel of North Sea Brent for delivery in April ended up $1.11. A price level more seen for a little more than a year. The signals are positive on the demand side. WTI is at its highest level in more than a year, before the Covid-19 pandemic hit hard. the crude oil market is now driven by demand, particularly in the United States.
The barrel of North Sea Brent for delivery in April ended up $1.11 or 1.96% from the previous day's close at $57.46. The US barrel of WTI for the month of March climbed $1.21 or 2.25% to $54.76.
Brent  and WTI reached record highs since February 24 and January 24, 2020, respectively, at $57.73 and $54.91 per barrel. Axi's Stephen Innes will say that " the good week of oil prices continues ".
The stimulus package led by the new president of the United States, Joe Biden  , is synonymous with a boost to the demand for crude oil from the world's largest consumer, the United States. For Oanda's Jeffrey Halley, the positive sentiment palpable more broadly in the markets and the freezing weather that has swept through the United States, pushing up demand for heating are all factors that are levers for the oil sector.