Oil Settles Higher and Restores Two-Year Highs

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.