Price of oil rises above $60 for the first time in over a year
Share article:
Share article:

Price of oil rises above $60 for the first time in over a year

Credit: Belga

The price of a barrel of oil went above $60 (approximately €49.46) on Monday for the first time since 9 January 2020 after a damaging year due to the coronavirus crisis.

Around 12:15 (Brussels time), the price of a barrel of American WTI for the month of March grew by 1.78% compared to Friday’s closing, at $60.53 (€49.90), after having passed the 60 dollar mark in the first Asian trades.

The barrel of North Sea Brent for delivery in April was at the same time gaining 1.27% in London, at $63.22 (€52.12), the highest since 22 January 2020.

Related News


The optimism regarding Covid-19 vaccines, combined with liquidity injected by central banks, is helping to fuel this increase, according to Carlo Alberto De Casa, analyst at Activtrades.

Crude oil has been on the rise for several months due to renewed optimism about the outlook for the world economy, the hope generated by the vast US stimulus package, and the belief that the slowdown in the pace of infections and the launch of vaccination campaigns will allow a return to some form of normality, encouraging demand.

Monday, several observers added to this the announcement by Saudi Arabia on Saturday of a new thwarted attack against its territory by Houthi rebels from Yemen.

The particular weather situation in the United States was also likely to support the upward movement of oil prices, Texas being prey to a cold spell that could, according to several observers and market players, weigh on production because of the shutdown of some wells, power cuts and disruption of transport.

The International Energy Agency (IEA) and the Organization of Petroleum Exporting Countries (Opec) shared last Thursday a cautious outlook on demand for oil this year. And prices at their highest level in more than a year are encouraging producers to turn on the tap a little more.

The Brussels Times

Latest news

Brussels pharmacies report rush on rapid tests due to Covid Safe Ticket
Many pharmacists in Brussels have noticed a remarkable increase in the demand for Covid-19 tests this weekend, following the official expansion of ...
Students filmed naked on ULB campus given a warning
A group of students caught on camera mimicking sexual acts on the campus of the Université Libre de Bruxelles (ULB) have been issued an official ...
EU Digital Covid Certificate becomes an international success story
The European Commission adopted on Monday a report on the EU Digital Covid Certificate and its implementation across the EU. According to the ...
Belgian chocolatier agrees to $15 million settlement over misled consumers allegations
Internationally recognised Belgian chocolate manufacturer Godiva has reached a $15 million (€12.9 million) settlement after US consumers said they ...
‘Buying second home does not mean you are rich’: government disagrees on tax break
The Francophone liberal MR party and the Flemish socialist Vooruit party strongly disagree on the current scheme for tax benefits on people's second ...
EMA starts evaluating Pfizer vaccine for children over 5 years old
The European Medicines Agency (EMA) has started evaluating an application to extend the use of the Pfizer/BioNTech coronavirus vaccine to children ...
Energy prices: EU’s demand and supply dilemma in importing natural gas
The European Commission adopted last week a plan on how to tackle the rise in global energy prices in the short-term while relying on the transition ...
Tram line and cycle path to connect Brussels’ outskirts to airport
Works on a tram line connecting Brussels, the NATO headquarters and Brussels Airport in Zaventem, which could attract up to 10,000 passengers a day, ...
SKYFALL: European police complete counter-drone training in Antwerp
In a joint project between Belgium’s federal police and the Brussels Capital Ixelles Policing Area, 15 European police officers visited Antwerp to ...
Offshore wind farms could help reach climate neutrality by 2050
A study carried out by the Bureau fédérale du Plan (BFP) – an independent Belgian organisation that investigates questions of environmental and ...
Will Brussels bounce back?
The lockdowns have tested the city and forced it to confront key questions about its future. Derek Blyth looks back at an extraordinary moment in our ...
STIB launches free transport for Museum Night Fever this weekend
STIB buses will run between Brussels museums for free on Saturday night as part of the Museum Night Fever celebrations taking over the capital.  ...