Brent oil gains on hope for oil demand
- 08 Feb 2021
Gulf Today Report
Brent oil rose on Monday above $60 a barrel, boosting investors hope for an increase in demand.
The commodity rose by 1.26 per cent to $60.19 a barrel, its highest since January last year.
Crude has been recording gains for weeks following Biden push for $1.9 trillion stimulus package.
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Adding to the good mood is the global data indicating a reduction in infection while governments are working on getting a hold of the vaccine.
Hopes for the long-term outlook overshadowed figures showing a rise in US inventories.
Stephen Innes, Axi strategist said, "Oil traders ignore the sidelines' spare capacity and continue to take an optimistic view of the US reopening narrative as vaccination protocols should continue to flatten the curve and with the gale-force stimulus tailwinds supporting a spring break reopening, (it's) providing rocket-fuelled optimism for the oil market."
