New York’s West Texas Crude (WTI) contract closed for a fifth straight day on Friday (February 5) as investors buy crude oil amid hopes of economic recovery and economic recovery. Need for increased oil use While the production cuts of the Petroleum Exporting Countries (OPEC) and allies Or OPEC Plus Which will reduce the amount of oil Has helped to support the price of oil.
WTI crude oil contract for delivery in March It rose 62 cents, or 1.1 percent, to 56.85 dollars a barrel. It was the highest closing level since 21 Jan 2020 and rose 8.9% this week.
Brent crude oil contract (BRENT) for delivery in April. It was up 50 cents, or 0.9 percent, to 59.34 dollars a barrel. This is the highest closing level since 29 Jan 2020 and is up 7.8% this week.
Oil prices have been driven by progress in US economic stimulus measures. And hope that Vaccination against COVID-19 Broadly, it will help revive the US economy. Which will bolster the demand for oil
The tightening trend of oil will also support oil prices. Saudi Arabia has cut output of 1 million bpd to 8.125 million bpd from Feb. 1 to the end of March. While the report states OPEC Plus continued to cut production in line with the deal.
Oil markets were also fueled by a new round of stimulus measures proposed by President Joe Biden.
President Biden said that Disclosure of employment figures that are still low. Demonstrates the need for Congress to rush to approve US economic stimulus measures.
The US Department of Labor reported on Friday that The number of non-farm payrolls rose by 49,000 in January. Below analysts had expected an increase of 50,000.
The unemployment rate fell to 6.3% in January, lower than analysts had expected. May stabilize at 6.7%
– .
