Wednesday, April 24, 2024

Oil rises as energy demand rises and US crude crosses $ 80


© Reuters. An oil rig in New Mexico, photo from the Reuters archive.

TOKYO (Reuters) – Oil prices rose on Monday, with supply restrictions from major manufacturers and rising demand for fuel, extending profits for weeks as economies try to recover from the corona virus outbreak.

It was up about 4 percent at 81 cents or 1 percent last week, up 0.212 GMT to 83.20 per barrel.

U.S. crude rose $ 1.15, or 1.5 percent, to $ 80.50 a barrel, the highest level since late 2014. U.S. crude rose 4.6 percent as of Friday.

Prices are up five weeks as vaccinated residents come out of locking measures that support economic activity as Brent rose five weeks and U.S. crude rose to seven.

Coal and gas prices are also rising, and as economies recover, oil is becoming more attractive as a fuel for oil production, which has boosted crude markets.

“We expect prices to rise sharply this quarter and we expect them to continue to fall gradually next year,” Caroline Payne, chief economist at Capital Economy, said in a statement.

(Produced by Mahmoud Salamah for the Arabic Newsletter)

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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