Global oil prices rose moderately on Tuesday morning, and the price of Brent rose above the mark of $ 75 per barrel, for the first time since April 2019, according to trading data.
The price of August futures for Brent North Sea oil blend is growing by 0.29%, to $ 75.12 per barrel; the price of August futures for Texas “light” WTI — by 0.1%, to $ 73.19, July-by 0.08%, to $ 73.72.
Oil continues to rise in price after an active Monday, following which Brent quotes rose by 1.6%. WTI rose 2.2% on Monday.
“The optimism about demand is very well entrenched at the moment, and the focus is now on reducing supply,” Vandana Hari, founder of Vanda Insights in Singapore, told Bloomberg.
Investors expect demand to recover as more countries begin to gradually lift quarantine restrictions, and fuel consumption increases as a result. Also, a certain positive for the price of oil is that with an increase in demand, the supply in the market remains at the same level.