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Oil is in the longest rally in two years with demand hopes

by Bunkerist
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Petrol fiyatları Çarşamba günü yükseldi, rallisini dokuzuncu güne uzattı. İki yılın en uzun artış serisi üretici arz kesintileriyle desteklendi ve aşı uygulamalarının talepte bir toparlanma sağlayacağına dair umutlar arttı.

Düşen ABD ham petrol stokları da destekleyici oldu. Enerji Enformasyon İdaresi’ne göre, geçen hafta ham petrol stokları Mart ayından bu yana en düşük olan 6,6 milyon varil düşüşle 469 milyon varile gerileyerek üçüncü haftada düştü.

Daha yüksek rafinaj ve daha düşük ithalatın kombinasyonuyla petrol envanterlerinde art arda üçüncü bir çekiliş görüldü. Benzin stoklarının artması ise yükseliş eğilimini telafi etti.

Brent crude settled up 38 cents, or 0.6%, at $61.47 a barrel, after touching a 13-month high of $61.61. West Texas Intermediate (WTI) crude closed 32 cents, or 0.6%, higher at $58.68 a barrel, also after touching a 13-month high at $58.76.

Brent has now risen for nine sessions in a row, its longest sustained period of gains since December 2018 to January 2019. It is the eighth daily rise for West Texas Intermediate (WTI) crude.

Current price levels are healthier than the real market, according to analysts. Demand needs to continue to recover, and the current hopeful situation is entirely dependent on supply cuts.

While countries concentrated on major stimulus packages and vaccination campaigns against COVID-19 to increase economic activity, crude oil spiked since November when the world’s strongest producers cut supply.

The largest exporter, Saudi Arabia, is unilaterally reducing supply voluntarily in February and March, in addition to the cuts agreed by OPEC and its allies.

Likely much more people to be vaccinated in 2021, travel rates will increase. All relevant sectors and branches of industry will be positively affected when people start working in offices and the demand reaches the desired level.

It is no surprise that the second half of the year is strong, current oil prices are a reflection of this. The rally continues, so it might not take long for WTI to join Brent in the $ 60 zone. However, these prices whet the appetite of US oil producers and bring intense participation in the game. Supply surplus pressurizes the gains.

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