barrel on Friday while WTI closed 1.02 per cent higher at $74.05 a
barrel. Following a small post-FOMC [Federal Open Mark Committee] correction, crude oil quickly resumed its move higher, with WTI and Brent both reaching levels last seen in 2018, said Ole Hansen, head of commodity strategy at Saxo Bank. This is in the belief that Opec+ will, in the near-term, manage production increases in a manner that ensures continued price support as global demand continues to recover and, later on, due to increased concerns that a lack of capex spent on new production could leave the market undersupplied from late 2022 onwards, he said.
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Oil prices edged higher on Tuesday as US politicians discussed expanding pandemic aid payments to citizens and the Brexit trade agreement received European Union approval. A weaker dollar, as well as vaccination rollouts by many countries, is also supporting oil prices.
Brent, the global benchmark for two-thirds of the world s oil, rose 0.55 per cent to $51.14 per barrel at 10.26am UAE time, whereas US crude gauge West Texas Intermediate rose 0.61 per cent to $47.91 per barrel.
“Oil is finishing the year on a sombre note as the short-term demand risk of more travel restrictions clashes with optimism over a vaccine rollout and a Brexit deal, which is already underway and will eventually boost energy demand,” Avtar Sandu, senior manager of commodities at Singapore-based Phillip Futures, said in a note.