Brent crude extends gains, nears $70 per barrel

28/05/2021 Argaam

Oil prices continued rising, heading for weekly gains ahead of OPEC meeting next week and amid expectations of a strong rebound in global fuel demand in the third quarter of 2021.

 

Analysts expect global oil demand to rebound closer to 100 million barrels per day (bpd) in the third quarter on summer travel in Europe and the US following widespread COVID-19 vaccination programmes, Reuters reported.

 

Brent crude futures for July added 0.5%, to $69.82 bpd by 03.40 Makkah time.

 

July NYMEX WTI settled gained 0.8% to $67.39 per barrel.

 

Baker Hughes is expected to issue US oil rig data later on today.

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