Brent Oil Reaches $60 a Barrel

Posted on 02/08/2021

Brent and West Texas Intermediate (WTI) are both trading near US$ 60 a barrel, in part due to progress on the COVID vaccine, super lax Federal Reserve policy, U.S. President Biden’s decision to nix the Keystone XL pipeline, Saudi pledges to deepen output cuts, and the Asia-led oil demand. Brent crude oil for April 2021 settlement rose 51 cents to US$ 59.85 a barrel on the ICE Futures Europe exchange at 2:31 p.m. Singapore time.

Last week, the number of vessels sailing toward China jumped to a six-month high. Prolonged coronavirus lockdowns, or a surge in variant strains, could impact oil prices negatively.

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