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Crude Oil Hits Pre-Pandemic Highs on Bets Vaccine to Keep Rebalancing Intact

Рабочий на НПЗ Najaf Эн-Наджафе, Ирак 3 октября 2013 года. Ирак экспортирует рекордное количество нефти в январе, несмотря на возвращение Ирана на мировой рынок, и увеличит добычу в этом году, сказал министр нефтяной промышленности Ирака Адель Абдул Махди в интервью Рейтер. REUTERS/Ahmad Mousa

Investing.com – Crude oil prices jumped to pre-pandemic 11-month highs on Tuesday as investors bet the pandemic’s grip on energy demand is coming to an end as the rollout of vaccines and stimulus will keep rebalancing on track.

On the New York Mercantile Exchange WTI crude futures for February delivery rose 96 cents to settle at $53.21 a barrel, while on London’s Intercontinental Exchange (NYSE:ICE), Brent for March delivery rose 92 cents to trade at $56.58 a barrel.

Goldman Sachs (NYSE:GS) forecast Brent crude rising to $65 a barrel by mid-year, ahead of their previous estimate for the end of 2021 on expectations that the tightening in supplies will continue.

“We have long held a bullish view for oil prices in 2021 and the events of the first weeks of the year have sharply reduced the risks that the market rebalancing gets derailed,” the Goldman Sachs analysts said. Read more…..

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