Oil prices rise above $ 55 per barrel

Brent is getting higher on Tuesday, WTI, the leading trading which was not held the day before due to the weekend in the United States, is stable.

As reported by Interfax, March Brent futures rose in price on the London ICE Futures Exchange by 0.33 US dollars (0.6%) to 55.08 US dollars per barrel. On Monday, Brent fell by 0.35 US dollars (0.6%) to 54.75 US dollars per barrel.

By this time, February futures for WTI were cheaper on the NYMEX exchange by 0.04 US dollars (0.08%) to the closing level on Friday and were trading at 52.32 US dollars per barrel. On January 18, the auction United States did not host an auction due to Martin Luther King Day's celebration.

The continued high incidence of COVID-19 worldwide worsens the outlook for oil demand, which, together with the dollar's strengthening, noted over the past few days, puts pressure on the oil market, experts say Axi. Moreover, they believe that oil prices can stabilize around current levels due to vaccination progress against coronavirus.

The focus of the market on Tuesday is the report of the International Energy Agency (IEA).

"Demand forecasts are of major interest given the new waves of lockdowns we've seen in the last month or so," ING Bank NV analyst Warren Patterson stated.