For the biggest annual gains of the last 12 years, oil prices are heading for an impressive rally for 2021 fueled by the recovery of the world economy after the 2020 recession due to the coronavirus pandemic.
In particular, Brent is heading for a total profit of 53% in 2021, while WTI is heading for a total profit of 58%. This is the best performance for both contracts since 2009, when prices were above 70%.
Both contracts hit a 2021 high in October, with Brent climbing to a record high of $ 86.70 a barrel in 2018 and WTI hitting a 20-year high of $ 85.41 a barrel. barrel.
On Friday, Brent futures fell 3 cents to $ 79.50 a barrel and WTI futures fell 10 cents to $ 76.89 a barrel.
Analysts estimate that with oil hovering close to $ 80, OPEC and its allies (OPEC +) are likely to decide at their next meeting on January 4 to continue implementing their plan to boost global supply by 400,000 barrels every month. OPEC + decided to gradually cover the cuts it made in 2020 in its production to prevent the collapse of prices, in the midst of limited demand due to the global recession.