(Reuters) - The world's biggest oil traders said on Tuesday they see oil prices staying above $70 a barrel with demand expected to return to pre-pandemic levels in the second half of 2022. Oil prices crashed in April last year when the COVID-19 movement restrictions hit their peak with the U.S. crude benchmark turning negative... Continue Reading →

(Reuters) - Oil prices reached their highest in more than two years on Tuesday, buoyed by expectations demand will recover rapidly in the second half of 2021. Brent crude rose 78 cents, or 1.1%, at $73.64 a barrel by 1311 GMT, the highest since late April 2019. U.S. oil gained 88 cents, or 1.2%, to... Continue Reading →

U.S. investment bank Goldman Sachs expects Brent crude prices to reach $80 per barrel this summer, betting that a recent oil market rally will continue as vaccination rollouts boost global economic activity and demand for the commodity. Brent prices hit $72.93 per barrel this week, their highest level in over two years, fuelled by expectations... Continue Reading →

(Reuters) Oil prices rose on Friday to fresh multi-year highs and were set for their third weekly jump on expectations of a recovery in fuel demand in the United States, Europe and China as rising vaccination rates lead to an easing of pandemic curbs. Brent crude futures edged up 13 cents to $72.65 a barrel... Continue Reading →

(OE) Oil prices continued to rally on Wednesday on signs of strong fuel demand in western economies, while the prospect of Iranian supplies returning faded as the U.S. secretary of state said sanctions against Tehran were unlikely to be lifted. Brent crude futures were up 44 cents, or 0.6%, at $72.66 a barrel at 1338... Continue Reading →

(Bloomberg) --Oil broke through a months-long trading range as expectations of tightening supplies in the U.S. compounded signs the world’s largest oil-consuming country is in the midst of a robust recovery. West Texas Intermediate futures surpassed the $70 mark to close at its highest since Oct. 2018 after briefly touching the key psychological level earlier... Continue Reading →

Oil jumped to a two-year high above $72 a barrel on Monday, extending this year's rally supported by recovering demand and OPEC+ supply curbs, before giving up the gains as investors took profits. Demand is rising in the United States and Europe as COVID-19 restrictions are loosened and, in another hopeful step for fuel use, India... Continue Reading →

Oil extended gains on Friday, topping $72 a barrel for the first time since 2019, as OPEC+ supply discipline and recovering demand countered concerns about patchy COVID-19 vaccination rollout around the globe. The Organization of the Petroleum Exporting Countries and allies on Tuesday said they would stick to agreed supply restraints. A weekly supply report... Continue Reading →

(Reuters) Oil rose on Tuesday to hit $70 a barrel for the first time since March, as expectations of demand recovery following reopenings of the European and U.S. economies offset concern over spreading coronavirus cases in Asia. The British economy reopened on Monday, and Europe is starting to reopen cities and beaches. New cases in... Continue Reading →

The U.S. Energy Information Administration (EIA) has kept its Brent spot price averages for 2021 and 2022 flat in its latest short term energy outlook (STEO). The EIA forecasts that Brent will average $62.26 per barrel this year and $60.74 per barrel next year in in its May STEO. In April, the organization forecasted that... Continue Reading →