Oil price breaks through 72 dollar - Economist

Oil price rose today to the level of $ 72 during trading on Friday, June 4, as it was trading near its highest level in two years, as the OPEC Plus plan on supplies and the recovery of demand overshadowed concerns about the irregular activity of vaccinations against the Coronavirus globally.

This increase in oil prices came after the Organization of the Petroleum Exporting Countries, which is called "OPEC" and its allies, announced that they are proceeding with the agreed supply restrictions.

In the same context, we find that the price of Brent crude oil rose by 33 cents or 0.5%, and its price reached $71.99 a barrel, after yesterday hitting its highest level during the session at $72.19, which is its highest level since May 2019.

The price of US West Texas Intermediate crude oil rose by 22 cents or 0.3%, and its price reached $69.03.