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Oil Finishes at Highest Levels since October 2018

M. Ali 21 June, 2021 11:03 pm Commodities, Market Update

Oil prices surged on Monday, amid expectations that sanctions on Iran will continue following the recent presidential election.

In addition, expectation for demand recovery in the second half of the year continue to provide support to crude prices.

Brent crude futures for August delivery gained $1.39, or 1.89%, and closed at $74.90 per barrel, its the highest closing level since October 31, 2018.

Meanwhile, West Texas Intermediate (WTI) crude futures for July delivery finished higher by $2.02, or 2.82%, at $73.66 per barrel. This is the highest settlement level for the NYMEX futures since October 9, 2018.

This also marked the largest rise for both the global and U.S. benchmark crude futures since May 24.

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