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▲Photo = Pixar Bay |
[에너지경제신문 유예닮 기자] International oil prices have jumped to the highest level since the novel coronavirus infection (Corona 19).
West Texas crude oil (WTI) for March delivery on the New York Commercial Exchange (NYMEX) on the 15th (local time) closed at $60.10, up 1.1% ($0.63) per barrel.
WTI futures prices hit $60.95 at one time during the day, which is the highest since January 8th last year. It has been 13 months since the WTI futures price has exceeded the $60 per barrel level. WTI rose 25% this year alone.
The April Brent derivative on the London ICE Futures Exchange closed at $63.30, up 1.39% ($0.87) per barrel.
Production cuts by the Organization of Petroleum Exporting Countries (OPEC) and OPEC+, an alliance of major oil producers, supported the recent oil price rally.
Russia’s Deputy Prime Minister Alexander Novak said, “International oil prices are on the rise and will trade at an average of 45 to 60 dollars per barrel this year.” “The oil market has been very volatile in recent months, which means that the market is balanced and the price of oil is consistent with the market conditions,” he added.
The cold wave that hit the US is also considered another factor supporting the uptrend.
A recent cold wave has covered the entire United States, and the state of Texas is struggling with electricity shortages and heating oil consumption is soaring. In addition, a cold wave hits the Permian Basin, the largest shale oil field in Texas, and short-term production declines are expected as oil companies cannot fully operate their production facilities due to electricity shortages and cold.
However, the mayor is still watching whether President Joe Biden passes an additional stimulus bill.
“The (President Biden’s) stimulus is likely to be approved in any form or form,” said researcher Tamas Barga of the London PVM Petroleum Association. However, he added, “The long-awaited stimulus plan has not yet been passed,” he added. “With US labor market data suggesting workers’ difficulties, some may not have time to wait for stimulus.”
President Biden also met with non-partisan local officials on Friday to pursue the first major legislative agenda of his tenure, which is the passage of a $1.9 trillion (about 2095 trillion won) economic stimulus bill.
Reporter Yoo Ye-like [email protected]