Oil prices rose to multi-year highs on Monday, boosted by limited global supply and rising gasoline demand in the United States and elsewhere as economies recover from pandemic-related slumps. Brent crude futures increased $1.10, or 1.3 percent, to $86.63 per barrel at 1406 GMT, the highest level since October 2018. WTI oil futures in the United States gained $1.46, or 1.7 percent, to $85.22, reaching their highest level since October 2014.
A robust resurgence in global oil demand, according to Goldman Sachs, could drive Brent crude prices above its year-end projection of $90 per barrel. Switching from gas to oil, according to the bank, could add at least 1 million barrels per day (bpd) to oil demand. After more than a year of low demand, gasoline and distillate consumption in the United States, the world's largest fuel user, has returned to five-year averages.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
