Oil prices rose slightly Monday on expectations of a recovery in demand.
Both WTI and Brent crude oil hit their highest levels since October 2018. WTI traded above $73 per barrel for four consecutive trading days, and Brent crude closed at more than $75 per barrel for two consecutive days on the 23rd and 24th after surpassing $74 per barrel on the 21st.
Reuters reported on the 24th that crude oil prices reached their highest level in more than three years, reflecting expectations for a decline in U.S. crude oil inventories and accelerating Germany’s economic recovery.
On the New York Mercantile Exchange, the WTI closed at $73.30 a barrel, up 22 cents and 0.30 percent from the previous day. WTI also rose to $73.61 a barrel during trading on the day. As a result, WTI closed at more than $73 for four consecutive trading days after hitting $73.66 per barrel on the 21st.
Brent also rose 37 cents, or 0.49 percent, to $75.56 a barrel. Brent crude also rose to a maximum of $75.78 during the day’s trading. Brent crude closed at $74.90 a barrel on the 21st and traded at $75.19 a barrel on the 23rd, marking the second consecutive day of trading.
According to Reuters, Germany’s retail conditions have been the biggest since German reunification more than 30 years ago, raising expectations for a recovery in fuel demand in Europe. In addition, U.S. crude oil inventories fell to their lowest level since March 2020. In fact, U.S. crude oil inventories announced last week fell 7.61 million barrels, down more than the market forecast of 4.1 million barrels.
Meanwhile, OPEC and OPEC+, a major oil-producing consultative body, will hold a meeting on July 1 to discuss related issues such as increased oil production.
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