February 24, 2021 | oil and gas

The Price Of Oil Jumps To 66 $ And Expected To Rise To 75 $

Baghdad / NINA /- Brent oil prices jumped by 1.58%, today, Tuesday, bringing the price of one barrel to 66 dollars and 27 cents, while the price of West Texas oil reached 61 dollars and 49 cents.

This increase, supported by the expected slow return to US crude production, comes after production was halted following the extremely cold wave that struck Texas last week.

Expectations indicated that oil fields in the southern United States need at least two weeks to be able to recover and produce two million barrels per day.

The head of global market strategy at Ax Stephen Annis suggested the continuing rise in oil prices.

In the context, experts on Wall Street indicated that the price of a barrel of crude oil may reach $ 70 in the second quarter of this year, and that it will rise to $ 75 in the third quarter.

Edward Moya, a marketing analyst at OANDA, explained that there is a great global demand for oil due to the improvement resulting from the Pfizer vaccine achieving good results in preventing the Coronavirus, as the spread of the pandemic was the reasons for the market decline.

It is scheduled that OPEC + oil producers will meet on the fourth of next March to discuss restrictions on supplies after April, given the price recovery despite the expected limited increase in production due to the continuing uncertainty surrounding the Coronavirus pandemic.


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