Fundamental analysis
15 March, 2021
Oil prices rose on Monday, with Brent reaching $70 a barrel, as data showed China’s economic recovery accelerated at the start of 2021, boosting the energy demand outlook at the world’s largest oil importer. China’s industrial output growth quickened in January-February, beating expectations, while its daily refinery throughput data rose 15% from the same period a year earlier, data showed. In the United States, oil refiners’ weekly capacity was seen up 1.6 million barrels per day, research company IIR Energy said on Friday, as more plants resumed operations following outages during the severe winter storm in Texas last month. Separately, U.S. energy firms have cut the number of oil and natural gas rigs operating by one in the first weekly drop since November, according to Baker Hughes Co.
