Oil Prices Returned To Pre-Epidemic Levels

Brent oil returned to pre-epidemic levels as the polar cold in the USA seriously affected production.

Oil prices returned to pre-epidemic levels. Brent oil has reached the levels before the coronavirus epidemic, exceeding $ 65 per barrel, as the cold wave that has been dominating the USA for some time forced 40 percent of production to stop. Futures contracts increased 1.3 percent after seeing the London market high of the last 13 months. Brent oil was traded at $ 65 on January 21, 2020, before the epidemic. While production of more than 4 million barrels in the USA is currently being suspended, the cold weather has caused operations to cease and power outages. The shock in production has supported the global oil market, which is now on the rise. According to private sector data released by the American Petroleum Institute (API), crude oil stocks in the USA fell by 6 million barrels last week. Oil prices increase by 26 percent in 2021 with Saudi Arabia's oil cuts, while many analysts are predicting that Saudi Arabia will increase oil production from April.   Howie Lee, Economist at Oversea-Chinese Banking Corp, said the following in a statement on the subject: “The cold wave has been very good for the oil markets, but it's not the only catalyst that pushes prices up. Saudi Arabia supports the markets and its stocks in the US are decreasing rapidly. " Brent oil for April is traded on the London ICE Futures Europe market at $ 65.20 per barrel, gaining 1.3 percent at 13:32 Singapore time. On the other hand, West Texas Oil for March futures rose 1 percent to $ 61.74 a barrel in the Nymex market, after gaining 1.8 percent in Wednesday's transactions.