Oil is rising. International standards rose more than $ 70 a barrel on Tuesday, a big gain on Monday.
Some positive news about COV-19 countries, and their confidence in the supply chain, seem to be raising prices. During the past month, most of them are still declining, but oil reserves are still growing.
(Marking XOM) 0.8% higher.
(WLL), a small company with a tendency to move higher in oil prices, rose 1.4%, but fell 14% last month.
Promises for $ 100 oil this year may be lost, but there are signs of speed behind recovery.
Oil has fallen for seven consecutive trading days through Friday, with Brent crude on 2018, International Standards and US Texas Intermediate, from 2019 onwards. Brent lost 8.8% during the season, and WTI decreased by 10%.
On Monday, it regained much of its oil price, with Brent up 5.5% and WTI up 5.6%. That meeting was extended on Tuesday when Brent futures rose 2.4%, to $ 70.38, and WTI 2.2%.
Oil has been active for many years over the years: the expansion of Covi-19 and the decisions of OPEC and its partners to increase or decrease production. In January, OPEC decided to lower production and announced that it would gradually return to the market in July next year. The group is not scheduled to meet until next month, so a policy break has taken place since last month’s meeting.
Over the past two weeks, the Covi-19 has continued to expand in many countries, seemingly obscuring the demand for gasoline and jet fuel. That helped drive the sale ruthlessly. However, reports from China indicate that the country has been able to stop the spread of coviarism through more aggressive key measures, and a march is underway.
Jeffrey Curry, head of research at Goldman Sachs, said in a statement published Monday that the sale was partially delayed due to low supply. In general, curry producers believe that today they will invest very little in new projects to achieve future growth, and that means prices may rise.
It will be a “temporary event” in the delta, and American manufacturers are waiting for the new discipline, because our bullfighting drivers have only accelerated the transition from cycle-driven motivation to structural constraints. Kovid 19. “
Curry’s fourth-quarter price target is $ 80 a barrel on the top of Wall Street.
An important step to consider is that WTI is more than $ 70, according to OTA analyst Craig Erlam. There is still a place to add to the promising start of the week.
Write to Avi Salzman at email@example.com