Oil is recovering with new records as of Friday, February 12, 2021. Brent jumped more than 2% to $62.43 and WTI climbed to $59.47.

Despite the mixed outlook shared the day before by the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC), oil prices recovered.
The barrel of North Sea Brent for delivery in April gained 2.10% or $1.29 in London from Thursday's close at $62.43, shortly after reaching $62.85. The US barrel of WTI for the month of March climbed at the same time by 2.11% or $ 1.23 to $ 59.47.

Bill O'Grady of Confluence Investment justifies this situation by the upward trend in the market. "Usually, at this time of year, we see a 10% to 15% increase in crude reserves, that's the norm. But this year, we've only seen a series of inventory cuts, and that's really unusual. We are witnessing a growing demand in the face of a fairly stable supply, which inflates prices, "says the analyst.

Two reports released Thursday by the IEA and OPEC show a mixed outlook for oil demand. "OPEC has warned that demand will decline due to plant closures that will reduce economic activity. In addition, the IEA noted that the oil market is still in an oversupply situation," said David Madden, an analyst at CMC Markets.