WTI oil price surpasses $ 61 speculative OPEC Plus does not increase production

WTI crude oil futures jumped more than 2%, breaking through the $ 61 on the day. Responded to the forecast that Petroleum Exporting Countries (OPEC) and Allies Or OPEC Plus There will be no resolution to increase production at tomorrow’s meeting.

The price of oil was also driven by US economic stimulus measures. And progress in broad-spectrum COVID-19 vaccination that will help the economy recover. And will increase the demand for oil

At 11.25 p.m. EST. West Texas Crude Oil (WTI) contract for delivery in April. It traded $ 1.52, or 2.54 percent, to $ 61.27 a barrel.

The source stated that OPEC Plus meeting tomorrow The meeting will have a resolution to maintain the production capacity in April.

Previously, it was expected that The OPEC Plus meeting will pass a resolution to relax measures to cut production. Since the oil price has now recovered. OPEC Plus is expected to increase production by 1.5 million barrels per day in April.

However, the source said The meeting decided to maintain the production capacity. The recovery in oil prices remains uncertain. Due to the spread of the COVID-19 virus

There is also some concern that the rebound in oil prices has been caused by investor speculation. Instead of due to market fundamentals

Meanwhile, OPEC expects global oil demand this year to rise 5.8 million bpd to 96 million bpd. Which is lower than last year’s demand Which is at 100 million barrels / day

The President Joe. Biden revealed that Adult Americans can get COVID-19 vaccine. Everyone by the end of May. That’s two months ahead of schedule, with broad-spectrum vaccinations to help the US economy recover.

Read Also:  US Stocks Decrease, Moving Oil Prices

At the same time, investors still keep an eye on US economic stimulus measures. The US House of Representatives voted in favor of the $ 1.9 trillion stimulus package over the weekend. And it is now in the Senate hearing. Before sending it to President Joe Biden signed the endorsement into law.

U.S. House Speaker Nancy Pelosi expects the approval of the stimulus process to be completed by March 15, the day the unemployment measures affected by COVID-19 expire.


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