Oil price closes in on $70 a barrel


Oil prices increased over one percent on Monday amid hopes of recovering economies around the globe, despite closure of US and UK markets due to public holidays.

At 1255 GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $69.69 a barrel after gaining 1.41 percent.

Likewise, the US West Texas Intermediate (WTI) crude futures gained 1.46 percent to reach $67.29 a barrel.

The price for Opec Basket was recorded at $67.32 a barrel with 0.22 percent decrease, Arab Light was available at $69.08 a barrel with 0.12 percent increase while price of Russian Sokol increased 0.19 percent to reach $69.54 a barrel.

Analysts expect oil demand growth to outstrip supply despite the possible return of Iranian crude and condensate exports.

They said that despite the mobility restrictions that are still in place, oil demand is recovering dynamically around the world. —TLTP

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