The oil market notched up strong gains on Monday, February 1, with Brent increasing 2.16% to $56.13/bbl, and WTI rising 2.3% to $53.29/bbl.
Yesterday’s gains were likely stoked by statements from the World Health Organization that the global infection rate of new coronavirus cases is in decline for the third consecutive week. Market optimism also got a boost from remarks by the management of Saudi Aramco that oil demand could recover to pre-crisis levels by December 2021.
Oil prices have extended gains this morning as Brent is up 1.3% and WTI is trading 1.25% higher. Our Brent price forecast for today is $56-57/bbl.