Barrel of Brent oil hits $70 on the market

For the first time since the start of the Covid-19 pandemic, oil prices rose to more than $70 per barrel on Monday (8). The scenario came after the approval of a $1.9 trillion stimulus package by the U.S. Senate, as well as an attack by a Group of Yemeni oil facilities in Saudi Arabia.

So Brent oil today was up $0.26 (or 0.37%) at $69.62 per barrel. In the United States, oil advanced $0.26 (or 0.39%) at $66.35 per barrel. Brent finally reached $71.38 per barrel, the highest level since January 8, 2020.

In addition to the new stimulus package approved in the U.S. last Saturday (6), Saudi Arabia was attacked by drones and missiles of Houthi forces in Yemen. The targets were the Saudi Aramco facility in Ras Tanura, which is vital for exports. However, there was no damage to the facilities or injuries.


Leave a Reply