Baghdad, Oil prices rose today, Wednesday, supported by hopes of demand for progress made in the launch of American vaccines, while the uncertainty about the size of supply that OPEC + will return to the market at its meeting on Thursday, and the rise in US stocks limited a significant rise in prices.
US West Texas Intermediate crude futures rose 28 cents, or 0.45%, to $ 59.95 a barrel by 05:06 GMT, recovering from three days of losses.
Brent crude futures rose 28 cents, or 0.46%, to $ 62.99 a barrel, up from four days of losses.
Analysts said that hopes for a recovery in demand thanks to the launch of the vaccine kept oil prices supported.
President Joe Biden said, “The United States will have enough COVID-19 vaccine for every adult American by the end of May, after Merck & Co agreed to vaccinate the rival Johnson & Johnson.”
Meanwhile, the market’s attention is focused on next Thursday’s meeting by the Organization of the Petroleum Exporting Countries (OPEC +), and the market expects widely to ease production cuts, which were the deepest ever, by about 1.5 million barrels per day, as Saudi Arabia, the OPEC leader, ended Reducing voluntary production of one million barrels per day.
The rise in US crude stocks also limited the price hike after the American Petroleum Institute Industry Group reported that US crude inventories rose by 7.4 million barrels in the last week.
Source: National Iraqi News Agency