The price of a barrel of US oil rose to over $ 65 on Friday, which is the first time since January 2020. The oil price is supported by the decision of the oil cartel OPEC and allies to continue to limit oil production in April. On the contrary, a relaxation of production restrictions was expected.
The price of American oil climbed by 2 percent on Friday to $ 65.37 per barrel (159 liters). Thursday, the price went up almost 5 percent. Brent oil also became more expensive again, with a plus of 1.9 percent to $ 68.47 per barrel. Brent also went up pretty good on Thursday.
During the low point of the coronavirus crisis last year, much less oil was used because, for example, there was hardly any flying and people took much less cars because of working from home. This resulted in large oversupply, with the result that the oil price fell sharply and even became equally negative. In addition, traders put money into the sale of oil just to get rid of it.
Several market experts have now revised their expectations for oil prices in the coming months, also because they believe that the recovery of the global economy from the coronavirus crisis and vaccination against the virus outbreak will boost oil demand.