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Oil hits $70 maximum on strong data from China


March, 15 2021
watermark Economic news

Brent crude hit a high of $70 per barrel on Monday, boosted by data from China, which indicated a recovery in the economy, improving the outlook for demand from the world's largest oil importer. Activity in China's industrial and retail sectors surged in the first two months of 2021, exceeding analysts' expectations.


Additional support for the quotes of «black gold» was provided by the OPEC report published last Thursday, according to which world oil demand in 2021 will reach 96.3 million barrels per day. Now experts of the oil cartel expect an increase in world oil demand by 5.9 million barrels per day.


On the side of buyers, there is also general market optimism caused by new fiscal stimulus measures, worth $1.9 trillion, in the US, which were finally agreed at the end of last week. Market participants believe that the injection of such huge money into the economy will significantly accelerate the recovery of economic activity, which will have a favorable effect on the demand for energy resources.


However, Brent failed to gain a foothold in the area of ​​highs. The current quotation of the commodity asset is $ 68.75 per barrel.


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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.