Baxia Markets
August 26, 2021

Crude oil price on the rise

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Oil prices rose about 1% on Wednesday, extending gains for a third session after U.S. government data showed that fuel demand climbed to its highest since the start of the COVID-19 pandemic. Brent crude rose 81 cents, or 1.1%, to $71.86 a barrel by 1:26 p.m. EDT (1726 GMT). U.S. West Texas Intermediate (WTI) crude rose 45 cents, or 0.7%, to $67.99 a barrel.




Over the last three sessions, both Brent and WTI have risen around 10%. The rally erased most of a week-long slump triggered by a resurgence in COVID-19 cases. Price gains came after Mexican supply fell by more than 400,000 barrels per day following a fire on an oil platform. Mexico's state oil firm said it expected to resume production by Aug. 30. The bank expects Brent crude prices to rise to $75 a barrel by December.


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