Oil prices rise to the highest level in two years - Economist

For the first time in two years, the price of a barrel of oil exceeded $ 75.64 a barrel on Wednesday, reaching its highest level since late 2018, after a report by the sector on crude stocks in the United States of America reinforced views on the tight supplies in the market with increased travel in Europe and North America.

The American Petroleum Institute reported that crude stocks fell by more than expected 7.2 million barrels, which led to the rise of oil prices and breaking the $75 barrier.

We find that the price of Brent crude has risen by more than 45% since the beginning of the year, supported by supply cuts led by the Organization of the Petroleum Exporting Countries "OPEC", and with growing demand thanks to the easing of restrictions to limit the spread of the Coronavirus.

OPEC and its allies, the group known as "OPEC Plus", will meet on July 1, and two sources in OPEC + said on Tuesday that the group is looking at further easing to reduce the record production applied since last year, starting in August, but no decision has been taken on the specific volumes.