Signs of Economic Recovery Push WTI Prices to Highest Level Since 2018
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[Asia Economy Reporter Kim Suhwan] As global demand shows signs of recovery, the price of West Texas Intermediate (WTI) crude oil has reached its highest level since October 2018.
On the 6th (local time), the WTI price rose about 0.6% compared to the previous trading day, briefly hitting $70 per barrel. Following a slight price adjustment, as of 9:39 PM local time, WTI is trading at $69.55 per barrel. Brent crude is trading above $72 per barrel.
As the oil market shows signs of demand recovery, analysts say oil prices are on the rise. Daniel Yergin, Vice Chairman of IHS Markit, said in an interview with Bloomberg News on the same day, "With economic rebounds expected in major countries such as the United States, Europe, and China, oil demand is increasing."
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Earlier, the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, including Russia, announced they would maintain their policy of easing production cuts, while production levels in the United States have yet to recover to pre-COVID-19 pandemic levels.
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