Oil is approaching a multi-year high amid demand recovery

Oil prices are up on Monday (Nasdaq: MNDY) due to an improved outlook for demand as increased COVID-19 vaccines help lift travel restrictions.

Brent crude rose 14 cents or 0.2% to 0123 GMT. Was 72.83. It rose 1.1% last week to $ 73.09 on Friday, May 2019.

The U.S. The West Texas Intermediate was up 14 cents, or 0.2%, at $ 71.05, up to $ 71.24 on Friday, October 2018, up 1.9% for the week.

Vehicle traffic is returning to pre-epidemic levels in North America and much of Europe and more aircraft are in the air as locks and other restrictions are relaxed, making it a three-week profit for oil limits.

The International Energy Agency (IEA) said in its monthly report on Friday that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC +, should increase production to meet recovery needs.

The OPEC + group has been banning production to support prices since the epidemic demand was eliminated in 2020.

The IEA said it needed to open up OPEC + pipelines to adequately supply global oil markets.

Goldman Sachs (NYSE: GS) expects Brent to rise to $ 80 a barrel this summer, as the release of vaccines boosts economic activity around the world.

U.S. Oil rings rose six to 365, the highest level since April 2020, according to energy service provider Baker Hughes Co. in its weekly report.

This is the largest increase in oil rings per week in a month as drilling companies seek to benefit from increasing demand.

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