Crude’s advance from the worst of the virus has stalled a handful of times this year, but prices have usually returned to an upward track as overall global demand keeps improving. The Covid-19 comeback in Asia and parts of Latin America, however, is a reminder that the rebound will be bumpy. WTI is $68.67; Brent is $70.83.
Futures jumped 5% last week and were unable to break above the $70 mark Monday. However, the long-term demand outlook remains bullish as vaccination rates climb worldwide, driving greater mobility. WTI is $69.33; Brent is $71.55.
Oil crept higher with prices trading near their highest level since 2018. Futures in New York erased earlier losses to trade above $69 a barrel. A significant draw in American crude stockpiles added positive signs to a market buoyed this week by the deferring of expectations of when a nuclear deal with Iran would be signed. WTI is $69.04; Brent is $71.46
Crude has undergone a stellar rally this week as optimism around rising fuel demand is growing, particularly in the west. The U.S., China, and Europe are rebounding strongly from the pandemic, and upbeat comments from OPEC+ and the International Energy Agency added to the positive outlook. WTI is $68.74; Brent is $71.25.
Crude’s rally to a two-and-a-half-year high was aided by an indication that world powers and Iran aren’t likely to revive a 2015 nuclear deal any time soon. There was hope an agreement would be reached this month, but participants in the talks are set to head back to their capitals after meeting Wednesday, cooling speculation that the U.S. might soon lift sanctions on Iranian oil exports. WTI is $68.83; Brent is $71.02.
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