Dealers' optimism pushes oil prices to the highest level in 9 months

Oil is witnessing unprecedented demand from refiners in China and India.

Archives

Oil rose, touching its highest level in nine months, in light of optimism of traders about the progress towards a US financial stimulus agreement, and an unprecedented demand from refiners in China and India.

US lawmakers are close to agreeing on a $ 900 billion spending package to ease the repercussions of "Covid-19".

The US dollar hit its lowest level in two and a half years against the other major currencies yesterday.

This reduces the cost of oil for buyers of other currencies, given the price of crude in dollars.

Brent crude futures rose 42 cents, to determine the settlement price at 51.5 dollars a barrel, and the highest price during the session was 51.9 dollars.

US West Texas Intermediate crude futures increased 54 cents to record 48.36 dollars a barrel, after rising during the session to 48.59 dollars.

Both benchmarks reached their highest levels since early March.

"Asia was at the forefront of the Corona virus recovery curve," said Phil Flynn, analyst at Price Futures.

What we are seeing in Asia increases expectations that in the new year we will witness a rapid increase in demand for crude oil, with the vaccine being distributed in the United States.

Brent crude futures rose to $ 51.5 a barrel.

Follow our latest local and sports news, and the latest political and economic developments via Google news