Oil prices hit their highest level since 2018

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Today, Monday, oil prices recorded their highest levels in more than two years, supported by more optimistic economic prospects and expectations of higher demand for fuel.

At the highest level recorded since May 2019, Brent crude futures rose 28 cents, or 0.4 percent, to $72.17 a barrel, according to “Alsumaria News”.

For the first time since October 2018, US West Texas Intermediate crude touched $70 and reached $69.91 a barrel, more than 29 cents, or 0.4 percent.

The recovery in fuel demand in the United States and Europe, after governments eased restrictions imposed to curb the outbreak of the Corona epidemic before summer travel, led to a rise in both indicators over the past two weeks.

Oil’s gains were reinforced after US data showed that non-farm payrolls increased 559,000 jobs in the month of May. The weakness in the US dollar occurred after the report, which reduces the cost of oil for holders of other currencies and supports crude prices.

This comes while analysts expect global demand for oil to exceed supplies in the second half, despite the gradual easing of supply cuts by OPEC + producers.





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