Expectations Of A Recovery In Demand And US Economic Data Raise Oil Prices Globally

Baghdad / NINA / – Oil prices rose by more than five percent, with the rise of the global benchmark Brent, thanks to strong data from the US economy and expectations of a recovery in global demand, which overshadowed concerns about an increase in Iranian supply immediately after the lifting of sanctions.

Brent rose 17 cents, or 0.2 percent, to set the settlement price at $69.63 a barrel, its highest close since May 2019. West Texas Intermediate crude rose 53 cents, or 0.79 percent, to close at $66.32 a barrel.

Analysts expect a recovery in global oil demand to approach 100 million barrels per day in the third quarter of the year thanks to the summer travel season in Europe and the United States, following large-scale vaccination programs against Covid-19. / End

Source: National Iraqi News Agency