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Oil crosses $75 for the first time in two years

Oil crosses $75 for the first time in two years

Crude oil prices rose yesterday, with Brent hitting $75 a barrel for the first time since April 2019, as investors remained bullish about a quick recovery in global oil demand and as concerns eased over an early return of Iranian crude.

Brent crude futures for August climbed 29 cents, or 0.4 percent, to $75.19 a barrel by 06:58 GMT, paring earlier losses. It rose as high as $75.27 a barrel, the strongest since April 25, 2019, earlier in the session.

US West Texas Intermediate (WTI) crude for July was at $73.66 a barrel, unchanged from the previous session.

WTI for August climbed 13 cents, or 0.2 percent, to $73.25 a barrel.

Brent gained 1.9 percent and WTI jumped 2.8 percent on Monday.

Both benchmarks have risen for the past four weeks on optimism over the pace of global Covid-19 vaccinations and expected pick-up in summer travel.

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“The market sentiment stays strong with improved outlook for global demand,” said Satoru Yoshida, a commodity analyst with Rakuten Securities, adding that a rally in Asian stock markets is also helping boost risk appetite among investors.

Global shares yesterday extended their recovery from four-week lows as investors focused on prospects for post-pandemic economic growth, rather than fret more over the hawkish stance taken by the US Federal Reserve at a policy meeting last week.-Al Jazeera.

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