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[size=30]Oil continues to shine due to a surprise from Saudi Arabia and support from OPEC + decisions
2021-03-07
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Yes Iraq: Follow up
Although oil contracts opened lower last week, they managed to shine in the end after finding support from OPEC decisions, and undoubtedly, Saudi Arabia’s surprise by maintaining its voluntary cut had a positive impact on energy markets.
For the first time since last December, Brent crude jumped by more than 5% last week, to end at a level of more than $ 69 per barrel, and rose for the seventh week in a row, while Nymex crude rose by more than 7% to close at $ 66 a barrel, after rising 4% in the week. Previous, both decades settled at the highest level in nearly 14 months.
Saudi Arabia surprised the markets with the decision to maintain its voluntary reduction of one million barrels per day until April, despite the increase in oil prices in the past two months against the background of vaccination programs against the Corona virus around the world.
The decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to extend oil production restrictions until April prompted a number of think tanks to revise their price forecasts. Goldman Sachs raised its Brent crude price forecast by $ 5 to $ 75 a barrel in the second quarter and $ 80 a barrel. In the third quarter of this year.
UBS also raised its forecast for Brent to $ 75 a barrel and West Texas Intermediate to $ 72 in the second half of 2021.
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