The rise in world oil prices coincided with the decline in the dollar

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Global oil prices rose during trading today, Tuesday, coinciding with the decline in the value of the US dollar, which increased the appetite of investors to buy commodities such as oil denominated in dollars, in addition to expectations of a decline in oil stocks in the United States for the fifth week in a row.

In terms of trading, the price of US crude futures for February delivery increased by 0.84%, recording $ 52.69 a barrel, and the price of futures contracts for Brent crude for March delivery rose by 0.70 to 56.05 dollars a barrel.

In a related context, the American investment bank, Goldman Sachs, expected the price of Brent crude to rise to the level of $ 65 a barrel by the middle of this year, compared to previous estimates that it would reach that level by the end of 2021, supported by the expected strength of demand as a result of the distribution of Corona vaccines.

Oil prices have witnessed a rise of more than 45% since the end of last October, following the successive announcements of the availability of effective vaccines against the Corona virus, in addition to the Kingdom of Saudi Arabia’s pledge to deepen production cuts over two months.

Source: A.A.A.

The article, the rise in world oil prices, coincided with the decline in the dollar, was written in the Al-Borsa newspaper.