Oil price rise today
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| Oil Prices Today |
Oil prices continued to rise, continuing gains for the second session, despite data showing a sudden increase in US crude stocks last week and a drop in demand expectations due to the growing number of Covid-19 infections.
Based on the foregoing, oil prices in Brent crude futures rose 84 cents, or 1.2%, to reach $70.19 a barrel.
Oil prices in US West Texas Intermediate crude contracts also rose 84 cents, or 1.3%, to record $68.04.
According to oil market analysts, the price of oil appears to have found support with the growing appetite for risk again, and this support follows the significant declines recorded during the past few sessions, which were sparked by concern about the impact of the delta variable as well as the agreement of OPEC + countries to increase production.
The oil price had fallen since two days ago, Monday, July 19, following the agreement of the Organization of the Petroleum Exporting Countries and its allies, in what is known as the “OPEC BAS” group, to increase supply by 400,000 barrels per day in each month from August to December.
The decline was exacerbated by fears that the growing infection with the Delta strain of the Coronavirus would affect demand in key markets such as the United States, Britain, and Japan.
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