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Prices of “black gold” started the new year with growth
OPEC Secretary General Mohamed Barkindo assessed the market outlook for the first half of 2021 as mixed.
On the first business day of the new year, benchmark world oil prices are rising steadily in anticipation of OPEC + decisions on oil production in February. This is evidenced in the trading data for Monday, January 4, morning.
Thus, March futures on Brent on the ICE London futures exchange rose 1.39 dollars (2.68%), to 53.19 dollars per barrel. As a result of the trading on December 31, these contracts rose $ 0.17 (0.3%) to $ 51.8 per barrel.
The cost of a WTI futures contract for February on the electronic session of the New York Mercantile Exchange (NYMEX) rose 1.18 dollars (2.43%) to 49.70 dollars a barrel. Last Thursday, December 31, these futures rose in price by $ 0.17 (0.3%), to $ 48.52 per barrel.
The spread between the current contracts for Brent and WTI is $ 3.49 in favor of Brent.
On the eve, OPEC Secretary General Mohammed Barkindo assessed the market outlook for the first half of 2021 as ambiguous. According to him, the organization’s countries must take into account the many potential risks.
OPEC + ministers will meet today for another online meeting to decide on production levels for February. At the previous meeting on December 3, they agreed to gradually increase oil production, no more than 0.5 million b / d per month.
At the same time, a meeting of the OPEC + ministerial monitoring committee will first take place, whose participants will discuss the level of implementation of the agreement in November and will be able to make a recommendation to the alliance countries on February production.
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