Brent Oil Started The Week With an Increase

Brent Oil Started The Week With an Increase Brent oil started the week with an increase. Today, a barrel of Brent oil was traded at $ 52.36 in global markets. The barrel of Brent oil, which was supported by the weakening dollar, rose 1.08 percent compared to its last close and rose to $ 52.36. The barrel of West Texas type (WTI) crude oil rose 1.03 percent and traded at $ 49.02. The global oil market is focused on today's OPEC + meeting. Following the Joint Technical Committee meeting yesterday, the Joint Ministries Monitoring Committee and the 13th OPEC and non-OPEC Ministries Meeting will be held today. OPEC Secretary General Mohammed Barkindo in his statement on Sunday said that OPEC is seeing many downside risks in the first half of 2021, while demand for crude oil is expected to rise by 5.9 million barrels per day to 95.9 million barrels this year. It was informed that the amount of barrels reduced by 500,000 barrels in January will be reviewed monthly. Also, Barkindo made the following warning: “We are just coming out of a year with deep slumps in investment, huge job losses and the biggest demand disruption in the history of crude oil.” On the other hand, Energy Aspects and RBC Capital analysts predict that OPEC + will maintain its January production levels in February. On the supply front, US crude oil production has been stifled by weak prices and demand. According to the January 1 government report, October saw a decline of over 2 million barrels compared to earlier levels.