Brent exceeds $ 70 a barrel … at its highest level in over a year

Oil prices continued their sharp increases on Monday, after the sharp rise last Friday, after keeping the OPEC Plus cut at current levels, with the exception of Russia and Azerbaijan.

Today’s benchmark Brent crude rose 2% to $ 70.75 a barrel, the highest level since January 2020, while US crude in West Texas rose by the same percentage to $ 67.42.

Oil prices rose 3.9% on Friday, continuing gains from the previous session, after OPEC and its allies agreed not to increase supplies in April, pending more big upturn in demand in light of the coronavirus pandemic.

Brent futures for May delivery rose more than a dollar to $ 69.57 a barrel, while West Texas Intermediate U.S. crude futures rose 3.85% to 66 , $ 29.

OPEC

Saudi Arabia surprised markets by extending the voluntary cut in oil production by one million barrels per day in April, while the OPEC Plus alliance decided to keep previous cuts, with an exception granted to the Russia and Kazakhstan to increase production by 150. thousand barrels together, from the beginning of April.

aggression

An official source at the Saudi Ministry of Energy said that one of the oil storage yards at the port of Ras Tanura in the eastern region, which is one of the largest oil transport ports in the world, has been attacked this morning by a drone coming from the seaside, explaining that it had not The targeting attempt will result, praise be to God, injuries or loss of life or property.

The source pointed to another deliberate attempt to attack the Saudi Aramco facility, where, tonight, fragments of a ballistic missile fell near the Saudi Aramco residential area in Dhahran, which is inhabited by thousands of employees. of the company and their families, of different nationalities.

Conductive climb

ING analysts said in a report: “We expect the market to rise further in the near term, especially as the market will now have to price a risk premium as the frequency of attacks increases. increases, “noting that this is the second attack. this month after An attack on Jeddah on March 4.

Brent and U.S. crude rose for the fourth session in a row, after OPEC and its allies decided to keep production cuts unchanged in April.