Oil Prices Reach $72 A Barrel

Baghdad Oil continued its gains to reach its highest level in several years, today, Monday, supported by more optimistic economic prospects and expectations of a rise in demand for fuel.

Brent crude futures for the month of August rose 28 cents, or 0.4 percent, to reach $72.17 a barrel.

The price of US West Texas Intermediate crude, for the month of July, rose to about $70 for the first time since October 2018, recording $69.91 a barrel.

Analysts expect that global demand for oil will exceed supplies in the second half, despite the gradual easing of supply cuts by OPEC + producers.

Source: National Iraqi News Agency