Wednesday , January 27 2021

Brent's raw prices are rising

Events of the day – LONDON (Reuters) – International crude oil prices rose as the US market opened higher on Monday after Chinese data showed that China's economy was improving and needed a global crude, especially as China's economy was the world's largest oil importer.

Brent crude was up $ 68.52 a barrel and hit a record $ 68.71 since November 13.

The future of Brent crude oil rose last Friday by 0.5 per cent, the second consecutive daily gain, supported by Opec cuts. Brent raw rose 26 per cent in the first quarter of this year, making its biggest quarterly gain since 2009.

Brent crude oil is boosted by sanctions in the US against Iran and Venezuela and manufacturing in China, which has grown significantly, needs more oil according to Chinese economic sources.

Source link