The factors that are responsible for keeping the prices above the $70-mark include low levels of inventories, OPEC+ falling spare capacity, seasonal strong demand and Iran nuclear.
Since the peak reached in August 2020 following the outbreak of COVID-19, Asian inventories, crude and products, have been declining at a steady pace.
Oil prices followed the decline in equity markets, as the rapid rise of COVID-19 cases, particularly in Europe, revived concern about more government restrictions.
Refinery margins also rose in all main trading hubs.