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Oil prices rise to their highest levels with the recovery from the pandemic

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Oil prices rise to their highest levels with the recovery from the pandemic

Oil prices rose to their highest levels in years on Monday, as demand continued to recover from the Covid-19 pandemic.
Brent crude futures rose 87 cents, or 1 percent, to $85.73 a barrel by 0111 GMT, the highest price since October 2018.
US West Texas Intermediate crude futures rose $1.12, or 1.4 percent, to $83.40 a barrel, the highest since October 2014.
Brent and West Texas crude contracts rose by at least three percent last week.
“The easing of restrictions around the world is likely to help fuel consumption recovery,” analysts from ANZ Bank said in a note on Monday.
“News that the United States will open its borders to vaccinated foreign travelers next month has boosted the jet fuel market. Similar moves followed in Australia and across Asia.”
They added that the switch from gas to oil for power generation alone could boost demand by up to 450,000 barrels per day in the fourth quarter.

Source: agencies





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