Market news
16.03.2021, 09:39

Brent Oil to close above $70 by mid-week – OCBC

FXStreet reports that Howie Lee, Economist at OCBC Bank, discusses Brent Oil prospects.

“Assuming a typical barrel of US crude oil yields 45% gasoline, on a net basis the total gasoline stocks (crude oil + gasoline) in the US last week stands at 456 M barrels, which means for the first time this year that aggregate is lower than the 5-year average.”

“American consumers are up and about on the move again but supply-side difficulties – with the US refinery utilization rate still at a dismal 69.0% - has added to the oil market’s bullishness. With the $1.9tn fiscal stimulus sealed and the $1400 checks expected to begin arriving as early as this week, the demand for energy looks like it may continue creeping higher. We see Brent possibly closing above $70 by mid-week.”

© 2000-2021. All rights reserved.

This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at

Live Chat E-mail
Choose your language / location