Open Demo Account
Home / Market Update / Commodities / Oil Prices Show Mixed Performance but Remain Near Record Levels

Oil Prices Show Mixed Performance but Remain Near Record Levels

M. Ali 16 February, 2021 8:34 pm Commodities, Market Update

Crude oil prices are showing a mixed performance on Tuesday, with the U.S. benchmark futures rising amid cold weather conditions shutting production in Texas and raising demand for energy and heat sources.

Meanwhile, the global benchmark Brent crude futures are showing a relative decline after recent surges with a strong rise by the U.S. Dollar (USD).

Crude prices are receiving support from the commitment of the OPEC+ to output cut, alongside increased hopes for the recovery of the global economy and the demand for oil worldwide, amid the rollout of Coronavirus vaccines.

Brent is currently down by 0.68% at $62.87 per barrel, while the West Texas Intermediate (WTI) is up by 0.32% at $59.66 a barrel.

Tags

Check Also

Bitcoin Faces Continued Pressure Amid Fed’s Hawkish Stance

Bitcoin traded marginally lower on Monday, reflecting ongoing caution among investors as macroeconomic uncertainties and …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends