Re: ForexMart's Forex News
December 18. Brent and WTI: What to Expect from the Oil Market?
Global oil prices are moderately lower on Friday as investors continue to assess the outlook for demand amid news of vaccinations in many countries.
The price of Brent crude oil dropped today to $ 51.17 per barrel, while the price of WTI oil - to $ 48.15. Note that the quotes moved down after four days of growth.
However, despite the optimism associated with the start of vaccination against coronavirus, the epidemiological situation in the world leaves much to be desired. Against this background, an increasing number of countries are introducing additional quarantine measures, which puts pressure on demand. We can say that the news about vaccines is too overestimated, which does not exclude the possibility of an imminent correction in prices from the highs. Recall that Brent quotes reached $ 51.80 at the moment, which was the maximum since mid-February of this year. WTI climbed to $ 48.60 per barrel, which also became its highest value in 10 months.
Additional risks to oil risk are posed by divisions within OPEC + as every exporter would like to take advantage of higher hydrocarbon prices. Do not forget that the organization has decided to increase oil production by 500 thousand barrels per day from January 1, 2021.