Oil Prices Continues to Increase

Oil prices continues to increase. Today, oil prices in global markets are very close to 60 dollars.

Oil prices have been on an upward trend for the past four days as OPEC+ countries promise to reduce the global supply surplus caused by the coronavirus outbreak. Futures contracts traded at around $56 a barrel after closing at the New York market high in a year. OPEC+ ministers highlight the importance of stabilizing the oil market without further delay. According to the official data released by the US government, the country's crude oil stocks have experienced the biggest decline in the last 10 months. China's oil stocks are also known to be at the lowest level in the last year. However, despite the decline in crude oil stocks, it is stated that fuel consumption has not yet recovered due to the tightening of coronavirus measures, quarantine and travel restrictions. DBS Bank Energy Analyst Suvro Sarkar says the following on the subject:

“The trend in the first two quarters is likely to be positive, and we can see more US and Iranian oil with strong prices. Recent volatility in stocks may also attract more investors to commodity markets.”

West Texas type crude oil (WTI) for March futures rose 0.5 percent in the Nymex market at 13:08 Singapore time, reaching a level of $ 55.99 a barrel. Brent oil for April futures rose 1.7 percent on the London ICE Futures Europe market in the previous session and rose 0.4 percent to $ 58.69 a barrel.