The brent crude prices has reported a gradual rise in the last four months from October 2020 to January 2021 except a drop in the end of October 2020. The crude prices in the beginning of October 2020 was $40.40 per barrel which slipped 8.64 per cent to $36.91 per barrel near the end of the month according to
Fibre2Fashion's market analysis tool TexPro.
This decline occurred due to weak oil demand and declining economic data from China coupled with rising Covid-19 cases in Europe. Libya’s National Oil Corporation (NOC) lifted force majeure on Sharara oilfield in October 2020. Also, the number of active oil rigs in US increased which surged the oil and gasoline inventories in the region.
However, crude prices significantly rose in the beginning of 2021 compared to end of December 2020 as the organisation of the petroleum exporting countries (OPEC) and its allies have mutually reached an agreement to slash down crude oil production effective February 2021 along with Saudi Arabia voluntarily agreeing to take the larger reduction.
Crude price increased 29.85 per cent to $52.46 per barrel in the end of the January 2021 from $40.40 per barrel in the beginning of October 2020 with OPEC oil cut in the beginning of November and lower oil inventories.
Fibre2Fashion News Desk (JL)
The brent crude prices has reported a gradual rise in the last four months from October 2020 to January 2021 except a drop in the end of October 2020. The crude prices in the beginning of October 2020 was $40.40 per barrel which slipped 8.64 per cent to $36.91 per barrel near the end of the month according to Fibre2Fashion's market analysis tool TexPro.