While crude oil achieved monthly gains in February of more than 20 per cent, prices ended the week’s trading with a decline of 1.3 per cent for Brent crude and 1.5 per cent for US crude after the collapse of bonds and the rise of the dollar.
Prices received support throughout the month, due to the restrictions of the successful and effective “OPEC +” group, especially after the addition of the Saudi voluntary cuts of one million barrels per day, and a sudden disruption in US crude oil supplies amounted to 40 percent of production in Texas due to a severe wave of bad weather, This made the task of recovering from it unexpectedly slow.
In this context, the international oil information agency, Platts, confirmed that crude oil futures ended the week on a sharp decline with the continued strength of the dollar and expectations of a rise in global supply, which pushed prices down from their highest levels in 13 months, which were seen earlier in this. the week.
The latest report of the agency said yesterday, that most of the speculation is in favor of the “OPEC +” group, at its fourth meeting of next March, to take a decision to gradually increase the supply of crude oil, especially after prices recently recorded strong rises above $ 65 a barrel.