Oil prices rise on hope for demand - GulfToday

Oil prices rise on hope for demand

  • 03 Mar 2021
Crude-Oilfields

Picture used for illustrative purpose. File

Gulf Today Report 

Oil prices advanced on Wednesday, uplifted by the progress made in US vaccine rollouts, although uncertainty about OPEC+ Thursday meeting curtailed gains.           

US West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.3%, to $59.93 a barrel by 03:56 GMT while Brent crude futures rose 29 cents, or 0.46%, to $62.99 a barrel.

According to analysts, demand has recovered due to the rollouts of vaccine, thereby, supporting oil prices.

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Market is paying close attention to OPEC+ forthcoming meeting, as it remains positive on the oil market outlook.

The market widely expects them to ease production cuts, which were the deepest ever, by about 1.5 million barrels per day (bpd), with OPEC's leader, Saudi Arabia, ending its voluntary production cut of 1 million bpd.

 

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