September 24, 2021

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Sharp rise in oil prices – Economy – World Economy

Oil futures prices rose sharply during trading on Tuesday, after falling in recent days, as economic data showed that demand for fuel in India was on the rise last July.

Oil market traders also expect sharp improvements in energy demand in the US and Europe in the coming weeks.

The U.S. Energy Information Administration said in a monthly report that average consumption of gasoline in the United States is expected to rise to 8.8 million barrels per day this year, compared to 8 million barrels per day by 2020. It also expects the labor market to continue to improve traffic next year, which will increase petrol consumption to about 9 million barrels a day.

West Texas Intermediate Crude Oil Prices Rise; This is the benchmark for U.S. crude, $ 1.11 or 2.7 percent yesterday, at $ 68.29 a barrel for delivery next September.

Brent crude for North Sea oil rose $ 1.82; That’s $ 70.86 a barrel, up 2.6 percent from October delivery.

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