The uptrend in oil prices continued and gathered impetus on Friday, February 5, with Brent jumping 0.95% to $59.31/bbl, and WTI trading 1.08% higher at $56.82/bbl.
Media reports that the number of oil tankers sailing to China jumped to a six-month high of 127 on Friday. If fully laden, these vessels would deliver in excess of 250 mln bbl. In addition, news about mass vaccination of the population and higher prices set by Saudi Arabia for its US and European clients gave a further boost to market sentiment.
On Monday, prices have been on the rise since the opening: Brent is up 0.90% and WTI has added 0.95%. Brent is cautiously testing the $60/bbl resistance level. Our Brent price forecast for today is $59-60.5/bbl.