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The Upward Trend in Oil Prices: February 10, 2022
The Upward Trend in Oil Prices: February 10, 2022
in years. This latest surge was attributed to 2022 oil demand forecast by 200,000 bpd.
tensions around Ukraine, but this is the Even with this estimate, oil demand will
most transitory reason for oil price rises. not only return to pre-pandemic levels but
The overall reasons boil down to funda- exceed them, reaching 99.7 million bpd by
mentals. And $90 per barrel of Brent may the end of the year.
be only the beginning. JP Morgan earlier
this month warned that Brent could rise to The pandemic depressed energy prices in
$125 per barrel as OPEC's spare production 2020, even sending the U.S. benchmark oil
capacity falls to 4 percent of total capacity price below zero for the first time ever. But
by the fourth quarter of 2022. prices have recovered faster and stron-
ger,Oil price, today, from January to
West Texas Intermediate crude futures, the February 2022 is dancing a symphony of
U.S. oil benchmark, gained more than 2% highest prices as shown in below graph.
to trade as high as $91.92 per barrel. The
last time prices were above the $90
threshold was October 2014. Brent crude
futures rose 1.7% to trade at $92. Brent
topped $90 on Jan. 26. Oil’s had a bliste-
ring rally since falling to record lows in
April 2020. WTI briefly traded in negative
territory, as demand has returned but
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