The price of Brent crude oil rose above $ 73 per barrel for the first time since May 20, 2019, according to data from the London Intercontinental Exchange (ICE).
The cost of the August Brent futures contract at 18:11 Moscow time reached $ 73.3 per barrel. By 18:58 Moscow time, it stabilized at $ 72.69 per barrel. The cost of the August futures for WTI crude oil by 18:12 Moscow time also rose sharply and reached $ 71.13 per barrel. Texas light oil is now worth $ 70.82 a barrel.
Experts interviewed by Reuters explain the current rise in oil prices by the fact that the demand for energy resources in the world is growing faster than the supply growth.
On July 1, OPEC announced its plans to increase oil production – to gradually return 2 million barrels a day to the market. In a statement, the organization then noted that oil demand is improving thanks to the global economic recovery by accelerating coronavirus vaccinations.
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