China-Singapore Jingwei Client, February 9th, according to Reuters' Chinese website, international oil prices rose 2% on Monday, and Brent crude oil was slightly higher than US$60 per barrel, both for the first time in more than a year. And the US further economic stimulus plan is expected to boost.
Brent crude oil futures rose 1.22 US dollars, or 2.1%, to close at 60.56 US dollars per barrel; US crude oil futures rose 1.12 US dollars, or 2%, to close at 57.97 US dollars per barrel.
Both index contracts are at their highest levels since January 2020.
Wind screenshot of Brent crude oil price trend
Paola Rodriguez Masiu, vice president of oil markets at Rystad Energy, said, "It once again successfully broke through $60. It feels that the market has finally resurfaced after a long period of struggle. It gives people a feeling of returning to normal conditions."
The report pointed out that since the beginning of November last year, Brent crude oil and U.S. crude oil prices have risen by more than 60% due to optimism about new crown virus vaccination and reductions in OPEC+ member states.
At the same time, following the cuts in other oil-producing countries and allies of the Organization of Petroleum Exporting Countries (OPEC), Saudi Arabia has pledged to further cut production in February and March this year.
According to the report, the six-month Brent crude oil price differential hit a high of $2.54 on Monday, the highest level since January last year, indicating that there is demand for current supply, which is a sign of tight spot supply.
Investors are paying close attention to the US$1.9 trillion new crown aid plan, which is expected to be passed as soon as this month.
(Zhongxin Jingwei APP)