Oil market dynamics

On Tuesday, the oil market demonstrates multidirectional dynamics: Brent quotes fluctuate in the range of $63-63.70 per barrel. The current price of the asset is $63.25.

Prices were supported by news that Texas oil companies are suspending operations due to the Arctic cold, which has led to power outages in many parts of the state. Analysts note that this factor could lead to a decrease in production by about 1 million barrels per day.

It should be noted that this almost completely neutralized the negative effect of the data on the number of drilling rigs in the United States. According to statistics from Baker Hughes, the number of active oil platforms has grown from 299 to 306, indicating a gradual recovery in the US oil sector.

Moreover, Brent is also being supported by an improvement in the epidemiological situation in the world amid the rapid spread of vaccines. This gives hope that new restrictions will be dispensed with this year.

Further dynamics of the oil market will depend on the behavior of the dollar. Now the US currency is declining across the entire spectrum of the market amid expectations of the final approval of the economic stimulus program from Joe Biden in the amount of $1.9 trillion.