Oil prices rise to $ 70 a barrel

06/05/2021 09:05

  • The number of readings 116
  • Section : Iraq

Baghdad / Obelisk: Oil prices rose, Thursday, May 6, 2021, to $ 70 a barrel, as US stocks decreased and consumption increased even as India, affected by the virus, struggles.

Oil rose in 2021 as major economies including the United States and China recovered from the impact of the epidemic, increasing energy demand, while India, the main crude oil importer, grapples with a record coronavirus wave that has dampened economic activity.

In July, Brent crude rose 0.25% to $ 69.13 a barrel on the ICE Futures Exchange at 05:26, and on Wednesday, prices were at $ 69.95.

West Texas Intermediate crude for June delivery rose 0.2% to $ 65.79 a barrel on the New York Mercantile Exchange.

In the United States, government data showed that crude oil inventories shrank by about eight million barrels last week and exports increased, but gasoline inventories rose for the fifth week in a row. Separately, pent-up travel demand in the country is expected to lead to a 30% jump in jet fuel use this summer.


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