Oil prices continue to rise today. This helps reassure them that US interest rates will remain low, as the U.S. was hit by last week’s Texas hurricane. There was a sharp fall in oil production. Growth was somewhat stunted by gains after three days of strong growth.
At about 18:00 on the CET, the price of Brent North Sea crude rose 0.2 percent to $ 67.15. At the same time, US light oil WTI rose 0.5 percent to $ 63.54.
Hurricane Texas hit the U.S. last week. According to the U.S. Energy Information Administration, production has fallen by more than 10 percent to one million barrels a day. Production at refineries is the lowest since September 2008.
However, ING analysts expect oil reserves to grow in the coming weeks as production resumes very quickly and refineries will return to normal production in the long run.
Markets will now focus on the next meeting of the Organization of the Petroleum Exporting Countries and its allies, the OPEC + group. It is scheduled to take place on March 4th. According to sources, the group will negotiate a slight increase in production from April as oil prices recover. However, Reuters reports that the mine may not be replaced due to the current epidemic.
Brent oil price improvement (1-hour chart – H1):
WTI Oil Price Improvement (1-Hour Chart – H1):
Source: CDK, Reuters, MD4
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