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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.
Henry Lawson is a contributor at Sproutwired.com, covering a wide range of topics including news, politics, business, technology, sport, entertainment and lifestyle. He focuses on delivering clear, accurate and reader-friendly reporting that helps audiences stay informed about current affairs and important developments. With an emphasis on useful information and balanced coverage, Henry aims to highlight stories that matter most to readers, providing context and insight in a straightforward and accessible way.
