Commodity Update March 9, 2021: Oil Prices Slide after a Sharp Gain Yesterday

Yesterday, Brent crude traded as high as $71.38 a barrel, marking the highest level in 14 months, while the West Texas Intermediate (WTI) also enjoyed the ride and rose to $67.98 per barrel, the highest level since October 2018.

However, the oil prices slowed down and closed lower over the night. Currently, Brent was traded at $68.43 a barrel, while WTI was at $65.14 per barrel.

The sudden surge in oil prices might be due to OPEC and its allies’ decision to extend production cut into April and the report of Saudi Arabia’s oil facilities being attacked on Sunday.