According to research, Americans are more comfortable meeting friends, returning to offices, and attending large events.
Oil prices hit a multi-year high on Monday, driven by an improved demand forecast, as the increase in COVID-19 vaccines helps lift travel bounds.
At 01:23 GMT, the price of Brent crude oil increased by 14 cents or 0.2% to $ 72.83. It rose 1.1 percent last week, reaching its highest level since May 2019 at $ 73.09.
West Texas Intermediate also rose 14 cents, or 0.2 percent, to $ 71.05 a barrel, hitting a record high of $ 71.24 on October 2018, up 1.9 percent during the week.
According to a CBS News poll, Americans are becoming more comfortable meeting friends, returning to work, and attending large-scale events as more than two million daily U.S. air travelers arrive for the first time since the epidemic began.
Vehicle traffic returns to pre-epidemic levels in North America ում most of Europe և more planes are in the air as blockades are lifted և other restrictions, bringing in three weeks of oil benchmark profits.
Open the taps
The Organization of the Petroleum Exporting Countries (OPEC) ակից allies, known as OPEC +, need to increase production to meet renewable demand, the International Energy Agency (IEA) said in its monthly report on Friday.
The OPEC + group is curbing production to protect prices by eliminating demand from the 2020 epidemic.
“OPEC + needs to turn on the taps to keep global oil markets properly supplied,” the FEZ said.
Goldman Sachs said last week that it expects Brent to rise to $ 80 a barrel in the middle of the year as the spread of vaccines boosts economic activity around the world.
US oil production has increased by six to 365, the highest level since April 2020. This is stated in the weekly report of the energy services company Baker Hughes Co.
It was the biggest weekly increase in oil equipment in a month as drilling companies sought to take advantage of growing demand.
Over the past week, raw materials have digested growing, shocking news with the reopening of the United States and Europe, says Vanda Insights co-founder Vandana Harry. Prices may creep higher in the coming weeks, but at a “more gradual pace” the market is expected to gain momentum.
Traders are also pushing for talks in Vienna to restore a nuclear deal between Iran and the world’s “world powers”, which could lead to the lifting of US sanctions on the country’s exports of raw materials. Iran’s Deputy Foreign Minister Abbas Araghchi has questioned the possibility of reviving the agreement before the June 18 election of a new president. , but he will not treat them as a major national concern.
According to the weekly data of the Commercial Futures Trading Committee, traders were optimistic about future profit margins. Money managers have raised their bets on the WTI, the most intolerant of the last three years.