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Commodity Snapshot: Oil Continues Upward Climb as Brent Surpasses $60/Barrel

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   |    Monday,February 08,2021

On Monday (2/8), oil prices hit their highest levels in several months, with Brent surpassing the $60/barrel mark, which it had neared on Friday (2/5).

WTI rose 7% over one week ago (+$3.67), hitting $57.76 per barrel.

Brent started the day at $60.22 per barrel, up 6% (or +$3.33) from last Monday (2/1).

The increases can be credited to things that we have echoed in previous weeks, including the COVID-19 vaccine deployment, increasing demand with declining supply as well as cuts by OPEC+.

However, this week got an additional boost from China, who has ordered several tankers of oil after months of subdued import activity.


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