According to the analyst, the rise in prices is the result of yesterday's OPEC + agreement.
“Everyone expected that at yesterday's meeting there would be an agreement to increase production and that Saudi Arabia would most likely lift the voluntary limit of 1 million barrels per day,” he explained.
But, as Pikin added, as a result of the meeting, it became clear that the Saudis are still maintaining the restriction until there is "some certainty in the market regarding risks."
“Therefore, this news was very optimistic for the market.
From the point of view of limiting the supply, everything has been preserved, the vaccination process is going on in parallel ... All together leads to a positive factor, that is, a decrease in the volume of oil reserves, and at the moment the price immediately increased by 5%, to $ 67 per barrel, today it is already $ 68.
I do not exclude that if there is additional news about vaccination in the coming weeks, we will see already $ 70 per barrel, ”the expert concluded.
Earlier it was reported that the price of Brent crude rose above $ 68 per barrel.