The price of oil recovers and reaches new highs of almost 12 months
The price of oil is close to its 12-month highs from the beginning of the Covid-19 pandemic, after announcing a possible decrease in inventories in the United States and a production cut by Saudi Arabia. These expectations minimise the impact of the new mobility restrictions in Europe, for now, in order to curb the contagion of the virus which is weighing down on the recovery of oil demand.
The price of Brent futures, the oil reference in Europe, with delivery in March, exceeds $56 a barrel, accumulating a rise of just over 9% for January so far. Us benchmark WTI, with delivery in February, also saw a similar rise this month, hovering above $53 a barrel. Today, both of them registered an upturn of more than 1% after 12 noon CET.
Source: Admiral Markets MetaTrader 5. WTI Futures CFD Daily Charts / Brent Futures CFD Chart. Data range: December 2019 to January 12, 2021. Prepared on January 12, 2021 at 12:15 p.m. CET. Keep in mind that past returns do not guarantee future returns.
In 2020, the price of oil fell just over 20%. The year 2019 ended with a rise of 22%, in 2018 it fell slightly more than 20%, and in 2017 and 2016 it added 17% and 52%, respectively.
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