Oil Prices Jump 2%

Oil Prices Jump 2%

Oil prices jump 2%.

Oil prices advanced more than 2% on Tuesday, reaching the highest level in 12 months, after large producing countries indicated that they are controlling the pumping of the commodity, in line with their commitments.

OPEC oil production advanced for the seventh straight month in January, but the increase was less than expected.

Brent crude closed up $1.11, or 2.0%, at $57.46 a barrel, on its third consecutive day of gains. During the session, the mark reached US $58.05, the highest level since January last year.

International and North American references started a rally in the face of the optimism, with more economic stimuli from the United States, which added to the bullish bias derived from the production levels of the Organization of the Petroleum Exporting Countries (OPEC), which rose less than expected in January.

The oil rally has gained momentum, as the US Congress has shown itself ready to adopt an economic stimulus package, at a time when the cold weather in the United States is driving demand for heating oil.

US oil (WTI), advanced $1.21 or 2.3%, to $54.76 a barrel, after reaching a high of $55.26 in the session, the highest level in a year.

The big news is that oil prices jump 2%.

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