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Oil futures hit 11-month high

DATE OF PUBLICATION: 2021-01-15 03:04 a.m. Crude oil prices rebounded from an early dip and closed trading Thursday with a marked gain amid hopes that significant stimulus from the Joe Biden administration and the coronavirus vaccination campaign will help lift energy demand. Recent data showing a reduction in US oil reserves and Saudi Arabia’s decision to cut oil production by 1 million barrels per day in February and March also boosted oil growth. In addition, the weak dollar supported oil prices, with West Texas Intermediate crude for February up $ 0.66, or about 1.3%, to $ 53.57 a barrel, the highest since mid-February 2020 – Brent crude oil futures recently increased $ 0.25 or 0.4% to $ 56.31 a barrel. Data released by the Energy Information Administration (EIA) on Wednesday showed crude oil inventories fell by 3.247 million barrels last week, while analysts expected 2.26 million. funding for state and local governments; and other emergency spending measures. CNN reported that Biden is pondering a sizable spending package of around $ 2 trillion. Source – InstaForex

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