Oil: the price at its highest for a year in February 2021 – economy


The year 2020 lost tens and tens of billions of euros to the oil companies, but it seems that the trend has reversed. If the era of “expensive oil” could well be over, the price of Brent reached, on February 8, 2021, its highest since… February 2020.

Brent hovers around $ 60 a barrel

For oil companies and producing countries, this is good news … for motorists a little less: on February 8, 2021, before the opening of the Paris Stock Exchange, the price of oil climbed by nearly 1%, for Brent, close to 60 dollars a barrel. Oil from the North Sea, more expensive than its Texan counterpart, WTI, was $ 59.96. The WTI also benefited from the rise: it climbed 1.06% to 57.45 dollars a barrel.

At issue: the attempt of OPEC, the black gold cartel, and its allies to raise the price of oil by reducing production in February and March 2021. Saudi Arabia, leader of the Opep, announced a drop in production of 1 million barrels per day from member countries of the organization.

Towards an increase in the price of fuel in April 2021?

Thanks to this rise in stock market prices, oil has erased its losses for a year: we have to go back to the end of January 2020 to find a barrel with a price as close to $ 60, level not seen since January 20, 2020 but which should be reached on February 8, 2021.

For motorists, this is inevitably bad news: in a few months, the impact of the increase in the price of crude will not be reflected until several weeks later on prices at the pump, the price of fuel is expected to increase further to return to pre-Covid-19 levels. We can therefore expect an increase of several cents per liter between early February and early April 2021.

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