Oil continues to rise!

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Oil prices continued to rise in the beginning of trading today, after hitting its highest level in a year during yesterday’s trading session.Brent crude futures rose on the London Stock Exchange above $ 61 a barrel, up 0.53%, after rising 9% during the past seven sessions, amid the recovery in oil demand after the damage it suffered due to the Corona epidemic.

The rise in US crude futures was greater, as it grew by 0.72%, to reach $ 58.39 a barrel.

Yesterday, oil futures rose 2% to their highest levels in more than a year, and the two benchmarks both reached their highest levels since January 2020.Brent and US crude have jumped more than 60% since the beginning of November, supported by optimism about the distribution of anti-Coronavirus vaccines, as well as cuts in production by members of the OPEC + group.

Saudi Arabia pledged to make further supply cuts in February and March, following cuts from other members of the Organization of the Petroleum Exporting Countries and its allies.

Investors are watching a $ 1.9 trillion aid package to mitigate the repercussions of the Covid-19 pandemic in the United States, which is expected to be approved this month.

Oil prices were also supported by dwindling hopes that Iranian oil exports would soon return to the market after US President Joe Biden said that the United States would not lift sanctions on Iran just to bring it back to the negotiating table.





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