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Oil price hike

2021-06-16T11:51:54.624Z


Singapore, SANA- Oil prices rose today, continuing the gains that lasted for three weeks, thanks to the improvement in the oil market


Singapore-Sana

Oil prices rose today, extending the gains that lasted over three weeks, thanks to improved expectations for demand for fuel.

Reuters reported that Brent crude rose 51 cents, or 0.7 percent, to $73.20 a barrel.

West Texas Intermediate crude rose 47 cents, or 0.7 percent, to $71.38, the highest since October 2018.

OPEC Plus is limiting production to support prices after the Covid-19 pandemic reduced demand in 2020 and confirms a strong commitment to the production target agreed in May.

US investment bank Goldman Sachs expected the price of Brent crude to reach $80 a barrel this summer, at a time when the distribution of vaccines against Covid-19 boosts economic activities around the world.

Source: sena

All business articles on 2021-06-16

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