Skip to main content

WTI Oil Hits $70 for First Time Since 2018 as Market Tightens.

 

WTI Oil Hits $70 for First Time Since 2018 as Market Tightens

(Bloomberg) -- Oil in New York hit $70 a barrel for the first time since October 2018 as upbeat comments on the market from major trader Vitol Group added to optimism over the global demand recovery.

Futures climbed as much as 0.6% during early trading on Monday after posting a second straight weekly gain. OPEC+ appears in control of crude prices, with U.S. production lagging pre-pandemic levels, Mike Muller, Vitol’s head of Asia, said at a conference on Sunday. The alliance is returning supply after output cuts helped to tighten the market. Brent oil traded above $72.

Oil is in “strong demand right now,” with economies around the world opening up, Daniel Yergin, the oil historian and vice chairman at IHS Markit Ltd., told Bloomberg Television last week. Optimism around rising fuel consumption is growing as the U.S., China and Europe rebound strongly from the pandemic.

See also: Rosneft Warns of ‘Severe’ Oil Shortage Amid Hasty Energy Shift

©2021 Bloomberg L.P.




Comments

Popular posts from this blog

Best crypto-currency for investment in 2024

Best crypto coins for investment in 2024 For 2024, several cryptocurrencies are considered promising for investment due to their market performance, technological advancements, and strategic developments. Here are some of the top picks: 1. **Bitcoin (BTC)**:    Bitcoin remains a dominant force in the cryptocurrency market, often seen as "digital gold." Its value proposition as a store of value and the recent approval of spot Bitcoin ETFs by the SEC have bolstered its appeal to investors. 2. **Ethereum (ETH)**:    Ethereum continues to lead in the smart contract space, supporting a vast ecosystem of decentralized applications (dApps) and decentralized finance (DeFi) projects. Its upcoming upgrades, aimed at improving scalability and reducing transaction costs, further enhance its investment potential. 3. **Binance Coin (BNB)**:    As the native token of the Binance exchange, BNB is integral to the Binance ecosystem. It offers utility in trading f...

How to make or income daily 1 to 2 lacks in india By Tradersguruji

  Making 1 to 2 lakhs (100,000 to 200,000 INR) per day in India is a significant financial goal, and there is no one-size-fits-all answer to this question. However, here are a few ideas to consider: 1.Starting a business: Starting a successful business can be a great way to earn a significant income. Consider identifying a market gap or a problem that needs solving and developing a business plan to address it. 2.Investing in the stock market: Investing in the stock market can be a good way to generate high returns, but it also involves a significant amount of risk. Consider investing in a well-diversified portfolio of stocks, bonds, and other financial instruments. 3.Trading: Day trading or swing trading in the stock market can be a way to earn significant profits quickly, but it is also high-risk. Consider gaining a solid understanding of the stock market and learning about technical analysis and risk management before investing. 4.Real Estate: Investing in real estate can be a p...