Oil prices continued to rally on Wednesday, with both key crude benchmarks trading above $70 per barrel, the highest since October 2018.
At 13:45 GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained 0.65 percent to reach $72.69 a barrel. Likewise, the US West Texas Intermediate (WTI) reached $70.40, up 0.50 percent.
The price for Opec Basket was recorded at $70.21 a barrel with 0.46 percent gain, Arab Light was available at $72.10 a barrel with 1.91 percent increase, while the price of Russian Sokol reached $73.05 after gaining 2.99 percent.
The global benchmarks continued to gain amid stronger demand for crude, backed by the reopening of the global economy, particularly the easing of lockdown restrictions across western nations, and resumption of trade flows, is fuelling demand for crude and other commodities.—Agencies