Open Demo Account
Home / Market Update / Commodities / Oil Settles Higher and Restores Two-Year Highs

Oil Settles Higher and Restores Two-Year Highs

M. Ali 11 June, 2021 12:05 am Commodities, Market Update

Oil prices closed higher on Thursday to recover from yesterday’s losses that followed the large surge in gasoline inventories in the U.S, and restore its highest level in more than two years.

Brent crude futures for August delivery rose by 30 cents, or 0.4%, to close at $72.52 per barrel, its highest since May 2019.

Meanwhile, the West Texas Intermediate (WTI) crude futures for July delivery finished higher by 33 cents, or 0.5%, at $70.29 per barrel, restoring the $70 key level.

Today, the Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast for demand growth this year.

The global demand for crude oil is expected to rise by 6 million barrels per day, reaching 96.58 million barrels a day, according to OPEC’s monthly report released on Thursday.

Tags

Check Also

What do markets expect post-Powell, Lagarde’s recent statements?

Powell Cites “Actual Advancement” While Central Bankers Evaluate War Against Inflation. Christine Lagarde, the head …

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