forecasts
Oil Price Fundamental Daily Forecast – Vaccine Rollouts Boosting Demand Optimism as Brent Nears $60 LevelIt would have to take a dramatic shift in the optimism over the COVID-19 vaccine rollout to truly derail the current rally.
Feb 05, 2021 01:28 PM GMT
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures rose to their highest levels in nearly a year on Friday with Brent traders zeroing in on the psychological $60 a barrel level on economic revival hopes led by strong compliance with the planned output cuts by OPEC+.
Also contributing to the gains were another drawdown in U.S. stockpiles, a rise in new orders for U.S.-made goods, which indicates continued strength in manufacturing and hopes for the passage of President Joe Biden’s COVID-19 relief plan.