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Commodity Snapshot: Oil Hits New Highs, Brent Nears $60/Barrel

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   |    Friday,February 05,2021

Oil prices hit new highs on Friday morning (2/5), with Brent rising to nearly $60.00.

Early Friday, WTI reached $57.04 per barrel and Brent started the day at $59.60 per barrel.

The rise in prices can be attributed to several things, including:

  • COVID-19 vaccine deployment
  • OPEC+ supply caps
  • Lower / maintenance capital plans by operators
  • Tighter investments from capital providers


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