Global oil prices rise as demand recovers

Fuel prices on a pump at a BP gas station in Louisville, Kentucky, US, on Friday, 29 Jan. 2021. [Luke Sharrett/Bloomberg]

Global oil prices have risen following recent coronavirus developments around the world as a result of the vaccine roll out.

Fitch Solutions said in a report that demand for crude oil would rise in “the North America and the Asia-Pacific region,” adding that the recovery would be “slower in Europe and Latin America due to the slow economic recovery in the main markets in those regions.”

“Oil prices are expected to remain at their current levels for most of 2021 before starting to recover by the end of the year,” Fitch pointed out.

Brent crude for April delivery rose by 0.8 per cent, reaching $55.46 per barrel, according to official trading data. US Nymex crude for March delivery also rose 0.6 per cent, standing at $52.49 a barrel.

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