A rise in oil prices .. Brent closes at the peak of two years, amid optimistic expectations

Overwhelmed by concerns about an increase in Iranian supply once sanctions are lifted

Oil prices ended the week higher by more than five percent, with the rise of the global benchmark Brent crude, to close at a two-year peak, thanks to strong data for the US economy and expectations of a recovery in global demand; This overshadowed concerns about an increase in Iranian supply once sanctions were lifted.

Brent rose 17 cents, or 0.2 percent, to settle the settlement price at $ 69.63 a barrel, its highest close since May 2019. US West Texas Intermediate crude rose 53 cents, or 0.79 percent, to close at $ 66.32 a barrel.

“Buoyed by good economic data and risk appetite among financial market investors, Brent is once again targeting the psychologically important $70 per barrel level,” Commerzbank analyst Eugen Weinberg said.

He added, “Concerns about demand due to the pandemic give way to optimism in light of the rapid return of consumers.”

And according to “Sky News Arabia”: Analysts expect a recovery in global oil demand to approach 100 million barrels per day in the third quarter of the year thanks to the summer travel season in Europe and the United States, following large-scale vaccination programs against Covid-19.

“Gasoline demand is now exceeding 2019 levels in many regions,” ANZ analysts said.

A rise in oil prices .. Brent closes at the peak of two years, amid optimistic expectations


previously

Oil prices ended the week higher by more than five percent, with the rise of the global benchmark Brent crude, to close at a two-year peak, thanks to strong data for the US economy and expectations of a recovery in global demand; This overshadowed concerns about an increase in Iranian supply once sanctions were lifted.

Brent rose 17 cents, or 0.2 percent, to settle the settlement price at $ 69.63 a barrel, its highest close since May 2019. US West Texas Intermediate crude rose 53 cents, or 0.79 percent, to close at $ 66.32 a barrel.

“Buoyed by good economic data and risk appetite among financial market investors, Brent is once again targeting the psychologically important $70 per barrel level,” Commerzbank analyst Eugen Weinberg said.

He added, “Concerns about demand due to the pandemic give way to optimism in light of the rapid return of consumers.”

And according to “Sky News Arabia”: Analysts expect a recovery in global oil demand to approach 100 million barrels per day in the third quarter of the year thanks to the summer travel season in Europe and the United States, following large-scale vaccination programs against Covid-19.

“Gasoline demand is now exceeding 2019 levels in many regions,” ANZ analysts said.

May 29, 2021 – Shawwal 17, 1442

10:26 AM


Overwhelmed by concerns about an increase in Iranian supply once sanctions are lifted

Oil prices ended the week higher by more than five percent, with the rise of the global benchmark Brent crude, to close at a two-year peak, thanks to strong data for the US economy and expectations of a recovery in global demand; This overshadowed concerns about an increase in Iranian supply once sanctions were lifted.

Brent rose 17 cents, or 0.2 percent, to settle the settlement price at $ 69.63 a barrel, its highest close since May 2019. US West Texas Intermediate crude rose 53 cents, or 0.79 percent, to close at $ 66.32 a barrel.

“Buoyed by good economic data and risk appetite among financial market investors, Brent is once again targeting the psychologically important $70 per barrel level,” Commerzbank analyst Eugen Weinberg said.

He added, “Concerns about demand due to the pandemic give way to optimism in light of the rapid return of consumers.”

And according to “Sky News Arabia”: Analysts expect a recovery in global oil demand to approach 100 million barrels per day in the third quarter of the year thanks to the summer travel season in Europe and the United States, following large-scale vaccination programs against Covid-19.

“Gasoline demand is now exceeding 2019 levels in many regions,” ANZ analysts said.

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