Oil prices steady on economic recovery optimism
- 10 Mar 2021
Gulf Today Report
Oil steadied on Wednesday due to OECD optimism for global economic recovery and OPEC+ output curbs, although rising US inventories capped it.
Brent crude fell 2 cents, or less than 0.1%, to $67.50 a barrel by 09:43 GMT while US West Texas Intermediate crude rose 11 cents, or 0.2%, at $64.12 a barrel.
According to the Organisation for Economic Cooperation and Development, the world economy is likely to bounce back this year with 5.6% growth and expand 4.0% next year.
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In a note, Standard Chartered said, "in our view, the 4 March OPEC+ meeting has not just left the door to higher prices open, it has taken that door off its hinges and chopped it up for firewood."
In the United States, crude inventories rose by 12.8 million barrels last week, analysts expected 800,000 barrels.
