Oil prices rally towards $70 as demand outlook improves ...News

Russia Today - Economy
Oil prices rally towards $70 as demand outlook improves
source : Russia Today ( News ) () 32
Crude oil prices got a major boost this week thanks to optimistic expectations about demand from OPEC+ and rebalancing fuel inventories in the United States. Brent jumped to over $68 per barrel, and West Texas Intermediate neared $65 per barrel by the middle of the week and could rise even further unless headwinds appear. Earlier in the week, OPEC+ forecast that oil demand this year would increase by 5.95 million barrels per day (bpd). This was an upward revision of 70,000 bpd from an earlier projection, and this fact injected optimism in traders, as did OPEC+'s decision to forego a meeting this week and keep producing at previously ag

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