Tue, February 07, 2023

BRENT REACHES $70 FIRST TIME SINCE  EPIDEMIC BEGAN

BRENT REACHES $70 FIRST TIME SINCE EPIDEMIC BEGAN

Benchmark Brent rose as high as $71.38 a barrel in early Asian trade, its most distinguished after Jan. 8, 2020. By 1110 GMT, it was trading up 12 cents or 0.2% at $69.48, still hanging around its highest level in longer than a year.

U.S. West Texas Intermediate (WTI) crude was up 14 cents or 0.2% at $66.23 after reaching $67.98 a barrel, its highest after October 2018.

Brent and WTI prices have risen for four continuous sessions.

The U.S. Senate announced on Saturday President Joe Biden’s $1.9 trillion coronavirus relief plan, raising prospects for the economy and fuel demand that the epidemic has struck.

Appending support, Houthi forces in Yemen shot drones and missiles at Saudi Arabia, including a Saudi Aramco facility at Ras Tanura, vital to petroleum exports. Riyadh stated there were no casualties or damage to property.

This implies that we could observe further upside in the market in the near-term, especially as the market apparently now requires to be pricing at some risk premium.

With these attacks pulling up in regularity, ING analysts stated in a report.

After the Organization of the Petroleum Exporting Countries, Russia, and their oil-producing partners, identified as OPEC+, Prices have been resilient, granted last week on broadly holding with production cuts notwithstanding rising crude prices.

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