Tishwash: Oil is returning to rise after losses that lasted for days
Oil prices rose, Wednesday, supported by hopes of demand for progress made in the introduction of US vaccines, while uncertainty about the size of supply that OPEC + will return to the market at its meeting on Thursday, and the rise in US inventories limited a significant rise in prices.
US West Texas Intermediate crude futures rose 28 cents, or 0.45%, to $ 59.95 a barrel by 05:06 GMT, recovering from three days of losses.
Brent crude futures rose 28 cents, or 0.46%, to $ 62.99 a barrel, up from four days of losses.
Analysts said that hopes for a recovery in demand thanks to the launch of the vaccine kept oil prices supported.
President Joe Biden said on Tuesday that the United States will have enough COVID-19 vaccine for every adult American by the end of May, after Merck & Co agreed to vaccinate competitors Johnson & Johnson.
Meanwhile, the market’s attention is focused on next Thursday’s meeting by the Organization of the Petroleum Exporting Countries (OPEC +). The market broadly expects that they will ease production cuts, which were the deepest ever, by about 1.5 million barrels per day, as Saudi Arabia, the OPEC leader, ended Reducing voluntary production of one million barrels per day.
The rise in US crude inventories also limited the price hike after the American Petroleum Institute Industry Group reported that US crude inventories rose by 7.4 million barrels in the week ending linkTags: tnt /