Oil prices have reached their highest levels again in a year | 02/23/21

NEW YORK / LONDON (dpa-AFX) – On Tuesday, oil prices picked up on the strong start to the week and marked their highest levels in a good year. At noon, a barrel (159 liters) of the North Sea Brent cost $ 65.85. That was 61 cents more than on Monday. The price of a barrel of the American West Texas Intermediate (WTI) rose 57 cents to $ 62.27.

By early morning the Brent price had risen to $ 66.79 and the WTI price to $ 63.00. These were the highest levels since the beginning of 2020. In the past trading days, oil prices had reached several year-long highs. Nothing has changed in terms of the price drivers: oil prices are rising with the hope that the corona pandemic will abate as a result of increasing vaccinations. This would benefit the economy and oil demand.

Most recently, oil prices were also driven by higher forecasts from leading US investment banks. Goldman Sachs says Brent-oil an increase to 70 dollars a barrel ahead, analysts from Morgan Stanley expect the greatest supply bottleneck in years in the coming months.

On the supply side, major producing countries, especially Saudi Arabia, keep production tight. In addition, there was recently the extremely cold winter weather in the USA, which caused considerable disruptions and shortages in the American energy and oil sector./jkr/bgf/fba

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