Oil prices jump 2% and are in 1 year high with OPEC production data – Época Negócios

Oil prices jump 2% and are in 1 year high with OPEC production data - Época Negócios

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Oil prices rose more than 2% on Tuesday, reaching an all-time high in 12 months, with large producing countries indicating that they are controlling the pumping of the commodity in line with their commitments.

International and North American contexts triggered a rally in opposition to optimism with greater economic stimuli from the United States, adding to the rapid bias derived from the production levels of the Organization of Petroleum Exporting Countries (OPEC), which at least Increased less. Expected in January.

Brent crude gained $ 1.11, or 2.0%, to close at $ 57.46 a barrel for the third consecutive day. During the session, the mark reached $ 58.05, the highest level since January of last year.

US oil (WTI) rose $ 1.21, or 2.3%, to $ 54.76 a barrel after hitting a high of $ 55.26 in the session.

According to a Reuters poll, OPEC oil production advanced for the seventh straight month in January, but this increase was lower than expected.

The oil rally has gained momentum as the US Congress has shown itself ready to adopt an economic stimulus package, at a time when cold weather in the United States is fueling hot oil demand.

“You have an American economic stimulus package that nobody thought we were going to get,” said Bob Yavar, director of energy futures in Mizuho, ​​New York.

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Sarah Gracie

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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