Oil hits 13-month highs as OPEC maintains cuts

March 05, 2021 15:00

The price of oil has hit a 13-month high after the Organization of the Petroleum Exporting Countries (OPEC) and its partners decided to maintain supply, instead of increasing production while they wait for global demand to pick up. 

Brent futures, due in May, were trading above $68 at 11:00 CET, a price that it had not reached since the last week of 2019. With these increases, it is close to closing with a rise in the 3% weekly and chains seven weeks to the rise.

WTI futures, due in April, exceeded $65 dollars per barrel today, a price that it has not exceeded since April 2019. The WTI accumulates this week a rise close to 6%.

Source: Admiral Markets MetaTrader 5. Brent Futures Daily Chart. Data range: from December 31, 2019, to March 5, 2021. Prepared on March 5, 2021, at 11:30 CET. Keep in mind that past returns do not guarantee future returns.

 

In 2020, the price of oil fell just over 20%. The year 2019 ended with a rise of 22%, in 2018 it fell slightly more than 20%, and in 2017 and 2016 it added 17% and 52%, respectively. 

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