Oil prices remained on the rise with the opening of the US market on Tuesday, to bounce from the lowest level in a week recorded earlier in the Asian market, supporting hopes of a recovery in global demand in light of the acceleration of the pace of vaccination against the Corona virus, but there are negative pressures represented in the prospects of an OPEC alliance agreement. Plus this week to increase production during next April, this comes before the release of preliminary data on crude stocks in the United States.
US crude rose by more than 1.3% to $ 61.00, from the opening level at $ 60.22, and recorded the lowest level at $ 59.48, the lowest since February 22, and Brent crude rose nearly 1.1% to $ 63.94 a barrel, from the opening level at 63.22. $, And the lowest level was recorded at $ 62.54, the lowest in a week.
When prices settled on Monday, US crude lost 2.1%, and Brent crude futures fell 1.9%, the third consecutive daily loss.
Oil prices are currently supported by hopes of a recovery in global demand for fuel, with positive news about Corona virus vaccines coming, and in light of the acceleration of the pace of vaccination against infection in most parts of the world.
The US Food and Drug Administration (FDA), on Saturday, authorized the emergency use of the Corona virus vaccine developed by “Johnson & Johnson” to become the third anti-Covid-19 dose that will be widely used in the United States.
This vaccine requires only a single dose, and can be stored in cold temperatures, which facilitates widespread distribution in most parts of the world.
US officials said that initial shipments have already begun on Sunday, and Johnson & Johnson expects to ship more than 20 million doses by the end of March and 100 million doses by the middle of this year, enough to vaccinate nearly a third of Americans.
The Joint Ministerial Committee of the OPEC Plus alliance is meeting on Thursday with the aim of discussing setting production levels during April, and it is widely expected that the alliance will make a decision to increase supplies in light of the recovery of demand levels and the presence of a supply deficit during the first quarter of this year.
Later today, preliminary data on crude stocks in the United States will be issued by the American Petroleum Institute, amid expectations of a rise in stocks for the second consecutive week, and on Wednesday, official data will be issued by the US Energy Agency.