Oil Prices March 3, 2021: Brent Crude, WTI

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Oil was ahead of a crucial OPEC + meeting, as the alliance was expected to agree on a coordinated increase in production as the impact of the pandemic on the market is reduced.

Brent futures rose 1.5% after three consecutive days of losses for the first time since December. He the widespread opinion among the Organization of Petroleum Exporting Countries and its allies is that the oil market may absorb additional barrels, according to people who know the subject.

Brent rises after three consecutive daily defeats

Oil has staged a powerful rally this year, driven by major OPEC + strips, including unilateral cuts in Saudi Arabia, and a surge in demand aided by vaccines. That force has paved the way for the alliance to unleash a few barrels, with OPEC Secretary-General Mohammad Barkindo saying on Tuesday that broader economic prospects and the fundamentals of the oil market continue to improve. The group could return most of the 1.5 million barrel increase a day under discussion.

“The question is not‘ yes ’, but‘ how much ’petro-nations will alleviate the frequency of supply,” said Norbert Ruecker, an analyst at Julius Baer Group Ltd. demand for fuel and additional supplies will be needed to prevent overweight. “

Prices:
  • West Texas Interim Delivery for April gained 1.4%, to $ 60.59 a barrel, at 10:16 a.m. in London.
  • Brent for the May liquidation was 1.5% higher, with $ 63.62 a barrel.

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