Oil prices mixed, but remain near 13-month high

Economies.com
2021-02-25 17:34PM UTC

Oil saw mixed performance on Thursday, as Brent pared its early gains, but remains still near its 13-month high.

 

Oil prices are being lifted by the global supply shortages and the expected rise in demand, as the global economy gradually recovers from the pandemic.

 

The US Energy Information Administration reported today that crude inventories rose 1.3 million barrels to 463 million barrels during the past week, worse than forecasts of a drop by 6.5 million barrels.

 

The dollar index fell against a basket of currencies by 0.4% to 89.8 points as of 17:19 GMT, after it hit a high of 90.1 points and a low of 89.6 points.

 

As of 17:19 GMT, WTI crude March futures rose 0.2% to $63.3 a barrel, after hitting a day high of $63.8 and a low of $62.6.

 

Brent April futures fell 0.1% to $66.9 a barrel, after hitting a high of $67.7 and a low of $66.4.

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