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Oil falls on profit-taking after hitting a two-year high
Oil prices fell on Monday, June 7, after touching two-year highs on expectations that demand would improve and major crude producers keep supply restrictions in place.
During the session, the global benchmark Brent crude contracts to the nearest maturity recorded $ 72.27 a barrel, the highest level since May 2019, but fell to close as low as 40 cents, or 0.56%, to $ 71.49 a barrel.
US benchmark West Texas Intermediate crude contracts touched the $70 level for the first time since October 2018, but ended the session down 39 cents, or 0.56%, at $69.23 a barrel.
Oil prices have risen over the past two weeks, and Brent is up 37% since the start of the year thanks to supply restrictions imposed by OPEC and its allies, and demand partially recovering from a collapse caused by the Corona pandemic.
The group of producers known as OPEC+ boosted oil prices by sticking to supply restrictions until the end of July.
OPEC Secretary-General Muhammad Barkindo said the group expects crude stocks to continue to decline in the coming months.
