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Oil Prices Rise, Reaching Their Highest Levels In More Than 13 Months

Baghdad, Oil prices rose, today, Thursday, to their highest levels in more than 13 months, with the support of monetary easing policies and a decrease in crude production in the United States.

Brent crude futures rose 10 cents, or 0.10 percent, to 66.28 dollars a barrel by 05:20 GMT, while US West Texas Intermediate crude for April reached 63.28 dollars a barrel, up 6 cents, 0.09 percent.

Both contracts hit their highest levels since January 2020 earlier in the session, with Brent at $ 67.44 and WTI at $ 63.67.

The confirmation from the US Federal Reserve that interest rates will remain low for a while boosted investor appetite for risk and global financial markets.

The Energy Information Administration said a rare winter storm in Texas caused US crude production to drop by more than 10%, or 1 million barrels per day, last week.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, a group known as OPEC +, are due to meet on March 4.

Sources in (OPEC +) said that the group will discuss a slight easing of oil supply restrictions from April due to the recovery in prices, although some are suggesting stability for the time being given the risk of new setbacks in the battle against the pandemic.

Additional voluntary cuts by the Kingdom of Saudi Arabia in February and March led to a scarcity of global supplies and price support.

 

Source: National Iraqi News Agency

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