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.”

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