Oil prices rise amid demand optimism

21/06/2021 Argaam

Oil rigs

Oil prices rose on Monday boosted by optimism over global demand recovery amid ongoing COVID-19 vaccination drives and easing of travel restrictions.

 

The international benchmark Brent crude was trading up 0.2% at $73.66 per barrel, at 9.05 am Makkah time.

 

WTI crude rose 0.3% to $71.85 per barrel.

 

"The rebound in demand in the northern hemisphere summer is so strong that the market is becoming increasingly concerned about further sharp drawdowns on inventories," Reuters reported, citing a note from ANZ.

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