World Oil Prices Continue to Strengthen, Now Touching 61 US Dollars per Barrel

2 – The world oil price continued to show a strengthening trend. In trading on Tuesday, for example, this commodity recorded an increase for seven consecutive days, touching its highest level for the last 13 months.

Quoting CNBC, Wednesday (10/2/2021) Brent crude oil futures, the international benchmark, closed up 53 cents, or 0.9 percent, to 61.06 US dollars per barrel.

Meanwhile, the US benchmark, West Texas Intermediate (WTI) crude futures for March delivery, added 39 cents, or 0.7 percent, to 58.36 dollars per barrel.

Tuesday’s session highs for both benchmarks were the highest since January 2020.

Also Read:
First Since the Pandemic, the World Oil Price Breaks 60 US Dollars per Barrel

The market has been strengthening since November after the Covid-19 vaccine was distributed around the world, and as governments and central banks released large stimulus packages to boost economic activity.

Top exporter Saudi Arabia capped supplies in February and March, on top of cuts in fellow producers in the Organization of the Petroleum Exporting Countries and its allies, known as OPEC Plus, boosting projections for this year’s supply deficit.

The crude benchmark also drew support from the dollar’s decline to a one-week low, making the greenback-denominated commodity more attractive to holders of other currencies.

American crude inventories fell to their lowest level since March, before the pandemic devastated oil markets.

The US weekly oil inventory data will be released by the American Petroleum Institute industry group on Tuesday, at 2130 GMT, followed by government data a day later.

Also Read:
World Oil Prices Nearly Touch 60 US Dollars Per Barrel

On Tuesday, the US government lowered its prospect of crude oil production in 2021 to 11.02 million barrels per day from the previous estimate of 11.1 million barrels per day.

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