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“Black gold” due to general optimism in the market, but experts see no argument in favor of further price increases.
World benchmark oil prices rose substantially on the last business day of the week, reaching a 13-month high. This is evidenced in the trading data for Friday night, February 12.
Thus, April futures for Brent on the ICE futures exchange in London rose 1.66 dollars (2.72%), to 62.80 dollars per barrel.
The cost of WTI futures for March in the electronic session on the New York Mercantile Exchange (NYMEX) increased by $ 1.53 (2.63%), to $ 59.77 per barrel.
The spread between the current contracts for Brent and WTI is $ 3.03 in favor of Brent.
According to analysts, optimism may be related to the general mood in the market.
“Based on fundamental analysis, it is difficult to make the case for further price increases, although we see optimism in financial markets in general,” said Hans van Cleef, senior economist at ABN Amro, whose opinion is cited by Bloomberg.
The main growth factors in the current month were OPEC + stocks and hopes for increased demand for raw materials. In January, some OPEC + countries agreed to cut production in February-March by a total of 1,425 million barrels of oil per day, of which 1 million comes from Saudi Arabia. In turn, the expectations of economic recovery and vaccines supported oil demand forecasts.
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