Oil prices are closing near their highest levels in a year

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Oil prices are closing near their highest levels in a year

Reuters

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Oil prices closed near their highest levels in a year, today, Tuesday, supported by signs that global restrictions to contain the Corona virus are being eased.

US crude futures ended the trading session three cents lower to $ 61.67 a barrel, but remains near their highest levels since January 2020.

Brent crude futures closed 13 cents, or 0.2 percent, at $ 65.37 a barrel.

The benchmarks were both higher than a dollar earlier in the session before retreating.

Shale oil producers and refineries in the southern United States are slowly resuming production after two million barrels per day of crude production and about 20 percent of refining capacity stopped due to a winter storm last week.

The American investment bank Goldman Sachs expects Brent prices to reach $ 70 a barrel in the second quarter of this year, up from $ 60 in its previous forecast, and reach $ 75 in the third quarter, an increase of ten dollars also from its previous forecast.

Source: “Reuters”





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