Oil prices rise on forecast of higher demand and tight supply

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prices of Petroleum climbed to the highest level in two weeks this Tuesday (9) after the United States lifted travel restrictions and other signs of a post-global pandemic recovery boosted demand prospects while supply remained tight.

Prices rose after the US Energy Information Administration (EIA) in its Short-Term Energy Outlook (STEO) projected on Tuesday that energy prices gasoline in retail would fall in the coming months.

The government of USA, said it would use the STEO report’s price forecasts to determine whether it would release oil from the country’s Strategic Petroleum Reserve (SPR).

Brent futures advanced $1.35 or 1.6% to close at $84.78 a barrel, while US crude oil (WTI) rose $2.22 or 2.7% to close at $84.15.

These were the highs of closings on both reference prices since October 26th.

Brent prices have risen more than 60% this year and reached a three-year high of $86.70 on Oct. 25, supported by demand recovery and supply constraints by the Organization of Petroleum Exporting Countries and allies , known as OPEC+.

Reference: CNN Brasil

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