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Rapid Surge in Oil Prices to Reach Highest Since January 2021

 

As per the trusted reports, Oil Prices are likely to reach a height of USD 8 0 barrel in this summer due to its rising demand.

After the reopening of the economic activities post the pandemic, there has been a rise of 40% in the crude Oil Prices since the beginning of this year. However, the rise in travel and driving activities b by the people of America, along with an increase in the transportation of goods and air travel, are increasing the Prices further in the next couple of months.

Rapid Surge in Oil Prices to Reach Highest Since January 2021For the customers, it is an indication that the typical early summer peak that occurs every year will be occurring later this year. On Wednesday, the unleaded gasoline accounted for USD 3.04 per gallon on an average of about a dollar higher than the previous week but more than 50% higher than the previous year.Moreover, as per the trusted sources, the Brent futures, an international benchmark for crude Oil, witnessed a rise of 1.6% to reach around USD 71.48 per barrel.

This is the highest it has gone since Jan 2021. West Texas Intermediate futures also went up by 1.6% to reach USD 68.83 per barrel, after reaching the maximum of USD 69.65, which is the highest since 23rd Oct 2018.Francisco Blanch, global strategist for commodity and derivatives at the Bank of America, states that since now everybody has started driving after the pandemic, the demand for oil increases rapidly.

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