Oil prices rose to $75 per barrel on Thursday, a record high for oil prices in the past three years. This was before key producers made a decision on their production policy for 2021’s second half.
U.S. West Texas Intermediate crude oil for August rose 3.2% or $2.33 to $75.82 per barrel. This is its highest level since October 2018. The September benchmark Brent crude oil rose 2% to $76.10 per barrel, or $1.49.
WTI has increased more than 50% in the past year since it was $48.5/barrel when it started in 2021. As people return to the roads after the economic reopening, demand has increased. Prices have also been supported by a rebound in goods transport and air travel.
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Daily Reuters reported that the advance was made ahead of a meeting between OPEC and other OPEC partners. This energy alliance, often referred as OPEC+ has been optimistic about improving market conditions and the outlook to fuel demand growth after a sharp rebound this year in oil prices.