Brent falls, but hovers near $70 on demand optimism support

12.03.2021 - Evdokimov Roman
Brent falls, but hovers near $70 on demand optimism support

Brent crude prices fell on Friday but lingered near $70 per barrel as major producers’ output cuts tightened supply. Optimism about demand recovery in the second half of the year also supported prices.

Brent crude futures for May contract fell 0.2%, or 17 cents, at $69.46 per barrel, while U.S. West Texas Intermediate crude for April delivery dropped 0.4%, or 23 cents, at $65.79 per barrel.

Front-month Brent is on course for a weekly gain for the eighth straight week after hitting a 13-month high on Monday.

Sentiment was also boosted by OPEC’s decision to maintain output cuts in April. Investors have been placing bets in oil on demand recovery expectations in the second half of the year. 

Meanwhile, U.S. gasoline stocks sharply declined last week as a deep freeze in Texas affected refining output.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?