The company pointed out that it is their best price since September 16, 2019, when it increased to 65.83 dollars. It added that 21 months have passed before the Mexican blend reached former values over 65 dollars and prices went back up to previous levels before the Covid-19 pandemic.
They state the rise of oil had to do with international patterns which also came up driven by a bigger demand and by decisions from OPEC and its allies to gradually reset the offer.
The West Texas Intermediate crude went up 1.13 dollars (1.7 percent) and had a closure at 68.85 per barrel, its best quotation since October 2018.
In London, Brent crude went up 1.12 dollars (1.6 percent) to 71.37 dollars per barrel, its highest price since May 2019.
The Oil market happily welcomed the decisions by the Organization of Petroleum Exporting Countries (OPEC) to maintain the current production along with positive feedback concerning world demand, ‘prices are going up,’ said Louise Dickson, oil market analyst from Rystad Energ.
With expectations to the recovery of the demand, OPEC agreed at a meeting on Tuesday to keep its plan of gradual relaxation of the supply until July, after the cuts the group was forced to do due to the fall in demand last year as a consequence of the pandemic.