$ 60 – not the limit for Brent oil, new target of growth at $ 64 per barrel

9 February 2021

1 minute read

On Monday, February 8, oil prices seemed to have forgotten about the crisis and flew into space: the price of Brent, having overcome the coveted pre-crisis level of $ 60 per barrel, increased by 1.9%, to $ 60.42 per barrel, and the price of WTI soared 1.86% to another annual high of $ 57.88 per barrel.

Oil is growing on expectations of increased demand in China. Foreign media also report that an extraordinary OPEC meeting may take place in May of this year, dedicated to the 60th anniversary of the oil cartel, and it is noteworthy that the initiator of the meeting is Iraq, which was rumored last year that it could withdraw from OPEC + and even from OPEC, since it cannot cope with the discipline of fulfilling quotas for cutting oil production.

This morning, growth continues, but at a slightly more moderate pace: the price of Brent is growing by 0.43%, and the price of WTI – by 0.42%, we expect that after fixing above $ 60 per barrel, Brent will set a new target of $ 64 per barrel. We forecast for today at a Brent price of $ 60-61 per barrel.