Oil futures rose on Tuesday, hitting a high year ahead of this week’s meetings of key producers who are not expecting major changes in output levels.
West Texas Raw Intermediate for Delivery in March CL.1,
CLH21,
rose $ 1.27, or 2.4%, to $ 54.82 a barrel on New York Traders Trading after trading at a session high of $ 54.96, the highest intraday rate for a contract actively traded since January 2020. April Brent crude BRN00,
BRNJ21,
the global benchmark rose $ 1.28, or 2.3%, at $ 57.63 a barrel on ICE Futures Europe.
Oil was aided by studies showing that members of the alliance between the Petroleum Exporting Countries Organization and other major producers, an organization called OPEC +, picked up yields in January with less than allowed under their agreement.
Also, voluntary cuts of 1 million bpd by de facto director of OPEC, Saudi Arabia, are to be implemented from the beginning of February despite March.
Meanwhile, global stocks remained intact on Tuesday, with stock index times marking a rise for U.S. benchmarks, as investors were encouraged by news about the pace of vaccine spreads in the U.S. and the U.S. market. expect more fiscal support from Congress that could accelerate economic recovery and energy demand.
A meeting with the OPEC + technical panel on Tuesday is to be followed by a formal meeting on Wednesday.
“No policy changes are expected from the organization, with OPEC + agreeing on output rates for the remainder of the first quarter earlier this year,” said Warren Patterson, head of product strategy at HIE. an nota.
Saudi Arabia, meanwhile, was to implement a unilateral yield cut of 1 million barrels per day for February and March.