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Oil: Brent crosses the $60 mark on Monday

09/02/2021
Categories: Index/Markets

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For the 1st time in more than a year, the price of Brent has crossed the $60 mark. There is a likely recovery in oil demand with the recovery of the world economy.

On Monday, the barrel of Brent gained 1.26% to $ 60.19, the highest since January 2020. In the wake of markets hopefully welcoming Covid-19 vaccination campaigns and promises of a new U.S. economic support plan, oil is maintaining its rise.
Brent had been trading below the symbolic mark since February 20, 2020. In April, it fell to $15.98 a barrel, a price more seen in more than two decades, when its U.S. equivalent West Texas Intermediate (WTI), quoted a negative price.

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