Singapore - Sana
Oil prices rose by more than a dollar today as they received support from optimism about the distribution of anti-Covid 19 vaccines and a decrease in production due to the slow return of US supplies after freezing weather in Texas stopped crude production last week.
Reuters reported that Brent crude rose $ 1.88, or 1.7 percent, to $ 66.32 a barrel, after it earlier reached the high level of $ 66.79.
US crude increased 92 cents, or 1.5 percent, to $ 62.62 a barrel, after hitting a session high of $ 63.
The two benchmarks rose more than 2 percent today, after rising nearly 4 percent in the previous session.
Goldman Sachs Commodities Research raised its forecast for Brent crude by 10 dollars for the second and third quarters of 2021, citing expectations of lower inventories and higher cost margins for resumption of upstream activities and speculative inflows.
The investment bank expects Brent prices to reach $ 70 a barrel in the second quarter from the $ 60 it had previously expected, and to reach $ 75 in the third quarter from $ 65 in the past.