Improved oil demand pushes prices to highest level since October 2018

The recent demand recovery in the oil market has led to highest prices since October 2018. "The demand picture has shown clear signs of improvement," says Saudi Arabia's Energy Minister.

An offshore oil platform | Photo: Mærsk/Statoil

Oil resumed its advance, reaching the highest settlement in over two years with the OPEC+ alliance forecasting a tightening global crude market and a nuclear deal with Iran still up in the air.

West Texas Intermediate crude rose 2.1 percent, while global benchmark Brent settled above USD 70 a barrel for the first time since 2019. Prices rallied as members of the OPEC+ alliance sounded upbeat notes about the global consumption rebound. Saudi Arabia Energy Minister Prince Abdulaziz bin Salman said "the demand picture has shown clear signs of improvement," while his Russian counterpart also spoke of the "gradual economic recovery."

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