DUBAI: World oil prices leapt toward a 12-month high on Tuesday as the effect of Saudi Arabia’s surprise cut last month took effect in a more optimistic market.
The price of a barrel of Brent crude, the global benchmark, nudged $58, where it last stood in early 2020 before the pandemic lockdowns devastated global demand. Some analysts predict it will hit $65 by the summer, effectively wiping out a year of pain on global crude markets.
The price surge came as energy ministers from the OPEC+ producers’ alliance led by Saudi Arabia and Russia prepare for the regular monthly meeting that monitors market conditions. The meeting, organized virtually from OPEC’s Vienna headquarters, will not change current market strategy. That was set by the Kingdom’s surprise 1 million barrel cut announced last month, which took effect at the beginning of February.
Lunar New Year festivities look set to be less of a family affair in 2021.
(Bloomberg) For Rachel Tian and millions of other Chinese people Lunar New Year festivities look set to be less of a family affair in 2021.
The Beijing-based securities analyst would normally be preparing to drive to her hometown of Baoding in Hebei province, about two hours away by car, to spend time with her parents. But this year she’s decided to follow the advice of her daughter’s elementary school that children not leave the Chinese capital over the holidays.
“I can’t leave her here and drive back myself,” Tian said. “So this holiday will be the first time in my life that I will not be with my parents.”
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