Oil prices rise; Brent crosses $69

24/08/2021 Argaam

Oil rigs

Oil prices rose on Tuesday, with Brent crude crossing the $69-mark, after the US Food and Drug Administration (FDA) granted full approval to the Pfizer/BioNTech COVID-19 vaccine.

 

Health officials hope the action will convince more people that the shot is safe and effective, which may contribute to reducing the outbreak of the virus and stabilizing the economy.

 

The international benchmark Brent crude was trading up 0.6% at $69.13 per barrel, at 9.00 am Makkah time.

 

WTI crude rose 0.5% to $65.95 per barrel.

 

The American Petroleum Institute will release the preliminary data on US crude inventory for the past week later today.

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