Oil gains more than 1%, WTI crude nears $72

15/06/2021 Argaam

Oil rigs

Oil prices gained more than 1% on Tuesday amid positive global demand growth outlook.

 

The international benchmark Brent crude was trading up 1.2% at $73.75 per barrel, at 3.00 pm Makkah time.

 

WTI crude rose 1.4% to $71.90 per barrel.

 

Germany-based Commerzbank said it regards the continuing good news on the demand front and upbeat sentiment on the financial markets as the key reasons for the latest upswing in prices, Reuters reported.

 

Meanwhile, ING Economics said in a note that additional supply from OPEC+ will be needed over the second half of this year as demand is expected to continue its recovery, the news agency reported.

 

US crude production from seven major shale formations is forecast to rise by about 38,000 barrels per day (bpd) in July to around 7.8 million bpd, the Energy Information Administration (EIA) said in its monthly outlook.

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