Oil price breaks through US$55, hitting a new high in more than a year

Oil price breaks through US$55, hitting a new high in more than a year

Text/Editor of Huitong Net: Qin Meng

Signs of tighter global supplies and a strong physical market have boosted oil prices in the prospect of economic recovery. US oil rose more than 3% on Tuesday (February 2), hitting a new high since January last year to $55.26 per barrel

Oil prices have risen steadily since the end of last year, as the progress in the new crown vaccine and the production cuts in oil-producing countries have brought expectations of tighter markets. OPEC and its allies expect to digest the excess supply by the middle of the year. At the same time, the physical market continues to show signs of strength. Royal Dutch Shell is bidding for more benchmark North Sea crude oil cargoes in the S&G Global Platts pricing window.

[[i] 本帖最後由 moyaodf 於 2021-2-3 19:07 編輯 [/i]]