Oil prices soared on Wednesday, supported by expectations that OPEC + producers may decide against the increase in output when meeting this week. Signs of progress in the launch of the coronavirus vaccine in the United States also provided support.
Brent oil was up $1.28, or 2%, to $63.98 a barrel by 1050 GMT. West Texas Intermediate (WTI) crude rose $1.17, or 2%, to $60.92 a barrel.
This shows that the oil market is getting stronger as the demand for oil has increased along with industrial and travel activities. Oil prices are likely to rise above $ 70 by mid-year, albeit temporarily.
Oil prices soared after the Organization of Petroleum Exporting Countries reported that Russia and its allies were considering transferring the cuts from March to April, rather than facilitating and increasing production cuts.
The group meets on Thursday.
After Merck & Co’s rival Johnson & Johnson was approved for vaccination, it was said that the United States would have enough COVID-19 vaccines for every American adult by the end of May.
Biden said he hopes the United States will return to normal at this time, or potentially sooner, next year.
U.S. crude inventories rose by 7.4 million barrels during the week of February 26, according to analysts, contrary to forecasts for a draw of 928,000 barrels.
