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Oil prices rise about 2%, supported by expectations of a rapid recovery in demand
Oil prices rose on Tuesday, June 15, about 2% to their highest levels in more than two years, supported by expectations of a rapid recovery in demand in the second half of 2021.
Brent crude contracts ended the trading session up by $1.13, or 1.6 percent, to record at $73.99 a barrel.
During the session, the global benchmark crude jumped to $74.07 a barrel, its highest level since April 2019.
US West Texas Intermediate crude contracts closed up $1.24, or 1.8 percent, to $72.12 a barrel, after hitting $72.19 earlier in the session, its highest level since October 2018.
Prices received support after the two largest oil trading companies in the world said today that they expect crude prices to remain above $ 70 a barrel, with demand expected to return to pre-pandemic levels in the second half of 2022.
Russell Hardy, CEO of trading firm Vitol, expects oil to move between $70 and $80 a barrel for the remainder of 2021, supported by expectations that the OPEC+ group of major crude producers will maintain supply discipline, even as Iran may resume its crude exports if the United States returns. to join a nuclear deal with Tehran.
