Brent Crude Tops $67 Per Barrel First Time Since January 8, 2020, On US Data

Brent Crude Tops $67 Per Barrel First Time Since January 8, 2020, on US Data

Global oil market rally continued on Wednesday evening, and the price of Brent crude rose above $67 per barrel for the first time since January 8, 2020, after the publication of data from the US Department of Energy on production and reserves in the country for the last week

MOSCOW (Pakistan Point News / Sputnik - 24th February, 2021) Global oil market rally continued on Wednesday evening, and the price of Brent crude rose above $67 per barrel for the first time since January 8, 2020, after the publication of data from the US Department of Energy on production and reserves in the country for the last week.

As of 15.50 GMT, April futures for Brent oil mixture grew by 2.68 percent to $67.12 per barrel, May futures were up 2.45 percent to $66.06 per barrel. The price of April futures for WTI crude increased by 2.27 percent to $63.07 per barrel.

Earlier, the US Department of Energy reported that oil production in the country for the week ended February 19, had dropped to lowest level since August last year and amounted to 9.7 million barrels per day. A week earlier, production was 10.8 million barrels per day. Commercial reserves turned out to be worse than expected as well, growing by 1.3 million barrels, while analysts expected a 5.4 million barrels drop in inventories.