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Rally Resumes

OIL

Crude is higher on Monday in Asia, resuming its recent rally after dropping sharply on Friday. WTI is up $0.51 at $59.75/bbl, brent is up $0.67 at $63.58/bbl.

  • The drop last week was due to capacity coming back on line after the big freeze affected US production, the pickup today is being attributed to progress on global coronavirus vaccinations and hopes for a pick-up in global activity.
  • Meanwhile, an Iranian foreign ministry official said the US needs to remove its sanctions before talks can begin to revive the nuclear deal. Iran is expected to bring as much as 1m bpd of supply back to the market by the end of this year.
  • Goldman Sachs have increased oil price estimates, the bank now expects brent will reach $70/bbl in Q2 and $75/bbl in Q3.
  • Elsewhere, markets look ahead to the OPEC+ meeting on March 4, observers expect a difference of opinions from Saudi Arabia and Russia.
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