Global Economic Recovery Boosts World Oil Prices

Economics & Macro

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Yosepha Pusparisa 08/02/2021 15:52 WIB

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Global crude oil prices continue to strengthen. In Monday's (February 8th) trading at 10:30 WIB, WTI crude oil was priced at US$57.39 per barrel. Meanwhile, Brent crude oil was priced at US$59.80 per

Global Crude Oil Price (February 8, 10:30 WIB)

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Global Economic Recovery Boosts World Oil Prices

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Global Crude Oil Price (February 8, 10:30 WIB)

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Global oil prices have continued to strengthen since the beginning of February 2021. In trading on Monday (February 8th) at 10:30 WIB (Western Indonesian Time), the price of West Texas Intermediate (WTI) crude oil was US$57.39 per barrel. Meanwhile, Brent crude oil was priced at US$59.8 per barrel.

The highest record for global crude oil prices in the last year occurred last Friday (February 5th) and continued through Tuesday (February 8th). This condition is suspected to be a sign of the revival of the US economy, as the manufacturing sector is starting to show improvement. Furthermore, President Joe Biden plans to release a US$1.9 trillion COVID-19 pandemic stimulus package.

The strengthening oil prices are also driven by the commitment of oil-exporting countries and their allies (OPEC+) to reduce production since mid-2020. Chinese oil demand in March is also expected to boost the price of this commodity.

Editor : Muhammad Ahsan Ridhoi

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."