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Crude Oil rises to eight-month high as OPEC + deal

December, 04 2020

Brent oil prices jumped to $49.86 per barrel after the announcement of the results of the OPEC + meeting. Thus, the asset has renewed its maximum for the last eight months.

The organization has decided to increase production by 500,000 barrels per day starting in January in response to rising prices and improved demand forecasts for 2021. The demand for hydrocarbons is expected to recover quickly thanks to progress in the development of a vaccine against COVID-19.

However, this is only a quarter of the 2 million bpd increase the group originally expected in January.

An additional stimulus for growth is the fact that OPEC keeps its plans regarding the need to further restrict oil production unchanged.

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Ekonomické správy

Crude Oil rises to eight-month high as OPEC + deal

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