Oil Prices Traded From 10-Month High

Oil prices traded from the 10-month high. Oil prices have increased in 10 weeks of the last 11 weeks. The new stimulus package announced yesterday in the US has increased expectations that spending will increase and fuel demand will increase, and has played a role in the rise in oil prices. While futures contracts are traded at around $ 54 in the New York market, oil contracts have completed the last 10 weeks with an increase. Developments in the coronavirus (Covid-19) vaccine and Saudi Arabia's production cuts have raised oil prices by almost 50 percent since October. However, the increasing number of coronavirus cases and loss of life in many parts of the world may prevent further increase in prices. While the rapid increase of cases in China attracts attention, France and Germany in Europe are considering going to stricter quarantine practices. Daniel Hynes, Senior Commodity Strategist at Australia & New Zealand Banking Group, says the following on the subject: “I think the markets will pause for some time to judge where they stand between too many developments. There is a lot of risk right now, demand in the short term is clearly under pressure.” West Texas type oil (WTI) for February futures fell 9 cents at 12:41 Singapore time in the Nymex market after rising 1.3 percent on Thursday, and traded at $ 53.48 a barrel. Brent oil for March futures fell 0.3 percent to $ 56.23 a barrel on the London ICE Futures Europe market, after gaining 1.3 percent in the previous session.