Brent costs $56.21 per barrel

On Wednesday trading prices for benchmark oil go up, Interfax reports.

The cost of March futures for Brent on the London ICE Futures exchange is $56.21 per barrel, which is $0.31 (0.55%) higher than the price at the previous session's close. As a result of trading on January 19, these contracts rose by $1.15 (2.1%) to $55.9 per barrel.

The price of March crude oil futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) amounted to $53.32 per barrel, which is $0.34 (0.64%) higher than the level of the previous trading. On Tuesday, futures rose in price by $0.56 (1.1%) to $52.98 per barrel.

The International Energy Agency (IEA) has lowered its forecast for growth in oil demand in 2021 by 280 thousand bpd, to 5.5 million bpd.

“It will take longer for oil demand to fully recover as renewed lockdowns in several countries put pressure on fuel sales. This led to the fact that we revised our forecast for global oil demand by 0.6 million barrels per day in the first quarter of 2021 and by 0.3 million barrels per day in general for 2021,” the IEA said.

Meanwhile, analysts note that a weaker US dollar could support commodity prices. The ICE Index, which tracks the dollar's dynamics against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona), lost 0.1% during trading on Wednesday.

Tags: oil, USA, Asia, price, quarantine, pandemic, decline in production, economy, COVID‑19 vaccine, Europe

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