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Oil continues to break records


February, 10 2021
watermark Economic news

Oil continues to break records, reaching $61.50 a barrel. Brent rose in price for the ninth session in a row, WTI – for the eighth. The prices were supported by the forecast of the US Department of Energy, according to which in 2021 world oil demand will amount to 97.67 million barrels per day, and world supply – 97.29 million bpd.


As a result, this year the market may no longer face an excess, but a shortage of oil in the amount of 380 thousand bpd. In 2022, according to the estimates of the US Department of Energy, the oil supply deficit may increase to 400 thousand bpd.


Today, market participants are awaiting the publication of the US Department of Energy's report on energy reserves in the country. Yesterday, the American Petroleum Institute (API) announced a decline in oil reserves by 3.5 million barrels per week. Analysts expect the Energy Ministry data to show a 2.7 million barrels drop in US crude inventories.


An additional positive for the oil market is a slight improvement in the epidemiological situation in the world. Ongoing vaccinations, declining COVID-19 incidence, and expectations for a new stimulus package in the US are improving the outlook for demand.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.