Oil prices rose today, continuing the gains that lasted over three weeks, thanks to improved expectations for fuel demand, as Covid-19 vaccinations contributed to lifting travel restrictions, as well as tight supplies.<\/p>\n\n\n\n
Brent crude rose 51 cents, or 0.7%, to $73.20 a barrel, the highest level since May 2019.<\/p>\n\n\n\n
West Texas Intermediate crude rose 47 cents, or 0.7%, to $71.38, its highest since October 2018.<\/p>\n\n\n\n
Car traffic returned to pre-pandemic levels in North America and many countries in Europe, and flights increased with the easing of restrictions to combat the Coronavirus, which led to a rise in both crudes for three weeks.<\/p>\n\n\n\n
The International Energy Agency said on Friday that the Organization of the Petroleum Exporting Countries and its allies in the OPEC+ group should increase production to meet recovering demand.<\/p>\n\n\n\n
OPEC+ is limiting production to support prices after the Covid-19 pandemic reduced demand in 2020 and confirmed a strong commitment to the production target agreed in May.<\/p>\n\n\n\n
US investment bank Goldman Sachs expected the price of Brent crude to reach $80 a barrel this summer, as the distribution of vaccines against Covid-19 boosts economic activities around the world.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose today, continuing the gains that lasted over three weeks, thanks to improved expectations for fuel demand, as Covid-19 vaccinations contributed to lifting travel restrictions, as well as tight supplies. Brent crude rose 51 cents, or 0.7%, to $73.20 a barrel, the highest level since May 2019. West Texas Intermediate crude rose 47 …<\/p>\n","protected":false},"author":9,"featured_media":30928,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846],"class_list":["post-46934","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/46934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=46934"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/46934\/revisions"}],"predecessor-version":[{"id":46935,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/46934\/revisions\/46935"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/30928"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=46934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=46934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=46934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}