The actions of commodity prices have risen significantly in the medium, with predictions of supply shortages in the near future, but remain close to minimums for two weeks. All this is happening against the backdrop of updated growth in the number of cases of coronavirus in certain countries, including the United States. At this moment, Brent crude is trading at $63.69 per barrel, which is 8 cents higher than the previous day. Additionally, WTI crude is trading at $60.80 per barrel, which is also higher than the previous day. The rise in oil prices has been supported by fears of declining epidemic situations in the world, in anticipation of new restrictions on movement in a number of countries. The strengthening of the dollar has also put pressure on oil prices, although the OPEC+ deal to increase production of black oil was agreed upon earlier.
Nevertheless, further cuts to raw oil reserves in the U.S. and indicators of rising global demand for oil may help keep prices slightly above current levels. Analysts noted that the main focus remains on the situation with COVID-19 and the scale of vaccination, which could impact the further development of the oil market.
"Oil prices remain stable for now, but the situation with the pandemic still leaves many questions unanswered. We continue to closely monitor the dynamics of demand for oil and possible changes in the OPEC+ strategy," commented one of the experts.
