Shafaq News

  In Shafaaq 

Oil prices touch 60 dollars

Oil prices continued their gains on Thursday after the OPEC + alliance of major producers adhered to the policy of reducing production, and with the decline in crude stocks in the United States to their lowest levels since March of last year.

Brent crude futures rose 3 cents, or 0.03 percent, to $ 58.72 a barrel by 05:35 GMT, after earlier hitting their highest levels since February 21, 2020, in the wake of the OPEC + decision.

U.S. West Texas Intermediate crude futures rose 34 cents, or 0.34%, to $ 56.03 a barrel after hitting their highest settlement level in a year on Wednesday.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC +, extended their current oil production policy at a meeting on Wednesday, in a sign that producers are happy that large supply cuts are draining stocks despite uncertain expectations of a recovery in demand as the coronavirus pandemic continues.

The US Energy Information Administration said on Wednesday that US crude oil inventories also fell to support prices, by 994,000 barrels last week to 475.7 million barrels, the lowest level since March.

The market was also boosted by the news that Democrats in the US Congress have taken the first steps toward pushing President Joe Biden’s $ 1.9 trillion coronavirus aid plan. Source