Oil Prices are Increasing Significantly

The good mood in the Asian financial markets is driving prices. Brent and WTI are near their highs since the first corona wave.

Singapore Oil prices rose significantly at the beginning of the new year. Traders cited the good mood on the Asian financial markets as the reason. A barrel (159 liters) of North Sea Brent cost $ 52.98 on Monday morning. That was $ 1.18 more than on Thursday (December 31, 2020). The price of a barrel of the US West Texas Intermediate (WTI) rose by $ 1.01 to $ 49.53.

As was the case for much of the past year, oil prices will also be influenced in the new year by the development of the corona pandemic. The prospect of nationwide vaccinations has been providing a boost for some time. This is accompanied by the hope of a noticeably more robust economy with higher oil consumption. Accordingly, oil prices are currently near their highs since the first corona wave in spring 2020.

The progress of the pandemic is uncertain, however. That is why the Opec plus oil network has agreed to proceed with caution. At the beginning of the year, daily crude oil production was increased by 500,000 barrels. On this Monday, the association wants to discuss how to proceed from February.

 

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