Growing Demand Pushes the Price of Oil Higher
Opec+ decided to gradually restore production on Tuesday, pushing Crude Oil prices to their highest level since October 2018.
Opec+ decided to gradually restore production on Tuesday, pushing Crude Oil prices to their highest level since October 2018.
The price of Gold hit a four-month high yesterday. However, after the release of the minutes from the Federal Reserve Board meeting in April, the price fell back down to near-high levels.
Brent Oil price jumped to nearly $70 a barrel yesterday as fuel outlooks continue to grow more optimistic in parts of the U.S., and China’s economic recovery began its rebound at the start of 2021, boosting Oil demand.
Oil prices rose on Monday as major supplier Colonial Pipeline dealt with the aftermath of Friday’s cyberattack. The attack shut down service to the U.S.’s largest oil pipeline and the company advised that operations might not be restored until next week.
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