Oil on the verge of $ 60 as demand increases Business

“In addition to weak factors such as increased investor demand given strong price dynamics, rising stock markets and economic optimism, the physical market also seems increasingly tense,” he said. said Eugen Weinberg, head of commodities research at Commerzbank.

Brent for the April settlement climbed 1.1pc to $ 59.49 a barrel in London, while US oil also rose more than 1pc to $ 56.82.

Average U.S. oil prices for the rest of the year are $ 55 a barrel and above $ 50 for 2022 – levels that could boost renewed production.

For now, however, there are signs of continued strength, with Saudi Aramco leaving oil prices unchanged for Asia in March, defying expectations of a cut. He also raised prices in Europe and the United States

Meanwhile, Cnooc is forecasting a massive increase in spending and production as Chinese oil majors try to meet the energy demand that returns from the pandemic.