Crude oil prices went up for the third straight session on Tuesday amid supply concerns and increase in global demand.
At 1340 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.56 (+0.76 percent) to reach $74.07 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $71 a barrel, up by $0.55 (+0.78 percent).
The price for Opec Basket was recorded at $71.98 a barrel with 0.22 percent increase, Arab Light was available at $73.42 a barrel with a 0.64 percent increase, while the price of Russian Sokol jumped to $74.28 after gaining 0.26 percent.
According to experts, the rally in crude oil futures could resume again and even hit $100 depending how cold it gets, according to Bank of America analysts.
They said that increased production from Saudi Arabia and other OPEC+ members have offset improving demand.
“Notwithstanding the occasional oil price war, OPEC+ is acting again to stabilise oil prices as it has done historically,” said the analysts. Separately, commodity strategists at Goldman Sachs say oil could “rally significantly.—TLTP