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Brent oil prices on Monday shot past $60 a barrel for the first time in more than a year with investors growing increasingly optimistic about demand as the global economy recovers from the coronavirus pandemic.
The commodity climbed 1.26 percent to $60.19 a barrel — its highest since January 2020 — as asset markets rallied on the back of vaccine rollouts, slowing virus infections and hopes that President Joe Biden’s huge stimulus proposal will be passed by US lawmakers.
Crude has been on the increase for weeks as Biden pushes his $1.9 trillion rescue package, which includes big cash handouts and an increase in the minimum wage.
According to the Treasury Secretary Janet Yellen, if the spending package was passed in its entirety, “we would get back to full employment next year”.
Adding to the upbeat mood is data showing new infection rates, with last week seeing the lowest since October, while governments begin to get to grips with inoculations. Hopes for the long-term outlook overshadowed figures showing a rise in US inventories.
“Oil traders ignore the sidelines’ spare capacity and continue to take an optimistic view of the US reopening narrative as vaccination protocols should continue to flatten the curve and with the gale-force stimulus tailwinds supporting a spring break reopening, (it’s) providing rocket-fuelled optimism for the oil market,” said Axi strategist Stephen Innes.
Catholic leader, Pope Francis, has appointed a frenchwoman, Nathalie Becquart as the undersecretary for the synod of bishops, an advisory body for the pope that debates major matters related to […]
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