Oil climbed steadily higher on Thursday, February 4, with Brent adding another 0.61%, to $58.75/bbl, while WTI advanced 0.88% to $56.21/bbl.
Oil prices have been setting new highs nearly every day and are currently trading at levels seen around the end of January 2020. Brent is now within striking distance of the $60/bbl target. Prices are most likely tapping support from the gradual lifting of pandemic-induced business lockdowns across Europe.
Crude futures extended gains at today’s opening, presumably on the back of announcements that Saudi Arabia’s state-controlled Saudi Aramco will raise the prices of all crude grades for buyers in the US and Europe effective March. As a result, Brent is up 1.3% and WTI is trading 1.2% higher. Our Brent forecast for today is in the range of $58.5-60/bbl.