Oil Dips, But Full Steam Ahead For 2021 Demand Rebound, Say Analysts
by Ship & Bunker News Team
Friday March 12, 2021
Meanwhile, production restraint means massive inventory drainage in Bahamas: File Image/Pixabay
Although two key crude benchmarks dipped on Friday and ended the week roughly flat after seven consecutive weeks of gains, oil still settled near
$70 per barrel, supported by optimism for demand recovery during the second half of this year.
That, plus production cuts by major producers, resulted in Brent settled down a mild
41 cents to
41 cents to
Jim Ritterbusch, president of
Ritterbusch and Associates, said, “Demand for risky assets such as oil continues to be buoyed by the White House relief package and an almost daily flow of optimistic vaccine headlines.”