Oil prices are approaching $ 70 a barrel
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| Oil Prices Today |
Oil prices rose yesterday, Friday, March 5, 2021, by more than 3%, to reach their highest level within a year, after OPEC Plus’s decision not to increase production next April, in addition to the issuance of a strong report on jobs in the United States of America after the approval of a plan Biden to face Corona.
We find that oil prices came as follows:
- Oil prices rose in Brent crude futures by $2.62, or 3.9%, to bring the settlement price to $69.39 a barrel.
- Oil prices in US West Texas Intermediate crude rose by $2.26, or 3.5%, to reach the settlement price of $66.09 a barrel.
In the same context, we find that Brent crude oil prices rose by 5.2% during the week, increasing for the seventh week in a row, as well as Arab Texas Intermediate crude, rose by 7.4% during the past week.
Investors were surprised that Saudi Arabia decided to maintain its voluntary reduction of one million barrels per day during April, even after oil prices rose over the past two months, with the support of immunization campaigns against Covid-19 around the world
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