Oil Under Pressure Despite Positive Demand Outlook ...Middle East

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Oil Under Pressure Despite Positive Demand Outlook
source : OILPRICE ( Middle East ) () 7
Brent crude briefly hit $70 per barrel and West Texas Intermediate rose above $66 this week as improving economic outlooks for some of the world’s biggest economies boosted optimism. Although a round of profit-taking by hedge funds limited the upward potential of the benchmarks, it was a temporary occurrence, and the potential remains substantial. Among the tailwinds spurring crude oil prices higher were the reopening of the UK after months of lockdown, as well as loosening movement restrictions in other parts of Europe as well, which sparked…

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