Globally, oil prices fell for the first time in 4 sessions when settling dealings yesterday, with the calm of geopolitical concerns that pushed crude to reach its highest level in 14 months.
Brent crude had exceeded $ 71 earlier in yesterday’s trading. After an attack on the oil tank yards in the port of Ras Tanura, but it did not result in any injuries or loss of life or property.
Crude also previously benefited from the US Senate’s decision to pass a fiscal stimulus package worth $ 1.9 trillion, which may contribute to supporting the world’s largest economy in the face of the Coronavirus pandemic.
And the “OPEC +” alliance agreed last week to stabilize current production levels unchanged during April 2021. Saudi Arabia also decided to continue the voluntary reduction of production levels next month after it had been scheduled until the end of this March.
The price of futures contracts for Brent crude for May delivery fell by 1.6%, or $ 1.12, to record $ 68.24 a barrel at settlement, after recording $ 71.38 in earlier trading.
Yesterday, the prices of US Nymex crude for April delivery decreased by 1.6%, or 1.04 dollars, to reach 65.05 dollars a barrel.
With the start of trading today, Tuesday, global oil prices rose amid expectations of a recovery in the global economy after the United States approved a huge financial stimulus package that could help overcome the repercussions of the Corona pandemic.
The head of global markets strategy at Axi stated that the fundamentals are still supportive of oil prices, especially with Saudi Arabia taking full control of a strict oil policy, according to Reuters.
And at the start of today’s session, Brent crude futures for May delivery rose 0.4% to $ 68.52 a barrel.
Today, US Nymex crude for April delivery rose 0.1%, at $ 65.17 a barrel.