Oil hits highest in a year on growth hopes, OPEC+ cuts
The nation press services
2021-02-06 | Since 2 Month
Oil hit its highest in a year on Friday, closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies.
New orders for US-made goods rose more than expected in December, pointing to continued strength in manufacturing. President Joe Biden’s drive to enact a $1.9 trillion coronavirus aid bill also gained momentum on Friday.
Brent crude was up 85 cents, or 1.4 percent, at $59.69 by 1438 GMT after hitting its highest since Feb. 20 last year at $59.79. US crude was up $1.02, or 1.8 percent, at $57.25, after reaching $57.28, its highest since Jan. 22 last year.
“The conditions still remain supportive for oil markets,” said Jeffrey Halley, an analyst at brokerage OANDA. “Oil should find plenty of willing buyers on any material dip.”
Brent is on track to rise more than 6 percent this week. The last time it traded at $60 a barrel, the pandemic had yet to take hold, economies were open and people were free to travel, meaning demand for gasoline, diesel and jet fuel was much higher.