Open Demo Account
Home / Market Update / Commodities / Oil Rises on Optimism About a Quick Recovery in Global Demand

Oil Rises on Optimism About a Quick Recovery in Global Demand

Adel 22 June, 2021 12:44 pm Commodities, Market Update

Crude oil prices rose on Tuesday, with Brent hitting $75 a barrel for the first time since April 2019, as investors remained optimistic about a quick recovery in global oil demand and as concerns eased about an early return of Iranian crude.

Brent crude futures for August delivery rose 29 cents, or 0.4%, to $75.19 a barrel, offsetting losses incurred earlier. The contracts rose to $75.27 a barrel, the strongest since April 25, 2019, earlier in the session.

US West Texas Intermediate crude futures for July delivery were $73.66 a barrel, unchanged from the previous session.

Contracts for August delivery rose 0.2%, to $73.25 a barrel.

Brent gained 1.9% and West Texas Intermediate crude jumped 2.8% on Monday.

Tags

Check Also

How Have US Stocks Reacted After Trump’s Win?

Certain stocks have been disappointed by Trump’s election-related gains; Tesla has lost 4.5% of its …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends