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09-02-21
Crude oil price increases above USD60 per barrel
(MENAFN)On Monday, the price of crude oil increased USD60 a barrel for the first time in over a year, fueled by the “Saudi surprise” cut in output.
Brent, the global benchmark, reached USD60.20, increased over 15 percent since the start of the year. West Texas Intermediate, the US benchmark that briefly dropped into negative territory last April, increased USD57 a barrel, also a 12-month high.
Analysts increased their price targets for the current year, and gave most of the credit for the last improvement to Saudi Arabia’s decision in January to cut an extra 1 million barrels a day from global oil supply for two months.
“Since the announcement of the cut, the oil price rallied despite the reintroduction of lockdowns in many parts of the world,” stated Bassam Fattouh, director of the Oxford Institute for Energy Studies.
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