Brent oil surpasses $70 for the first time since coronavirus

Sending time2021-03-08 15:04

WTI is the highest since October 2018

(Seoul = Yonhap News) Reporter Gye-Hwan Kim = The price of Brent oil, one of the world’s top three oil species, surpassed the $70 per barrel for the first time since the spread of the novel coronavirus infection (Corona 19) on the 8th.

According to reports by Reuters and others, the price of Brent oil for delivery in May rose to $71.38 per barrel in the Asian market at the beginning of the market, the highest since January 8 last year.

Brent oil is moving at around $70.71 per barrel, up 1.35% as of 2:20 p.m. Korean time.

West Texas crude oil (WTI) prices for April delivery also rose to the highest level since October 2018, rising to $67.98 per barrel.

The rise in oil prices on the day was due to news that the Yemeni rebel Huti launched a drone and ballistic missile attack on Saudi Arabia’s Aramco oil facility the day before, fueling market anxiety.

ING said that the second attack on Saudi oil facilities, which is already the second time this month, has created a kind of crisis premium, fueling market uncertainty, and assessed that there is a possibility of further rise in oil prices in the short term.

Brent Oil and WTI rose for 4 consecutive trading days after OPEC+, a consultative group between the Organization of Petroleum Exporting Countries (OPEC) and major non-OPEC oil producing countries such as Russia, decided to allow only a slight increase in production on the 4th.

Earlier, Goldman Sachs revised its forecast for Brent oil to rise to $75 per barrel in the first half of this year and $80 per barrel in the first half of this year as demand for crude oil recovers.

UBS also raised its Brent oil outlook for the second half of this year to $75 per barrel and the WTI forecast to $72, respectively.

[email protected]

Unauthorized reproduction-redistribution prohibited>
2021/03/08 15:04 sent