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Reuters
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Oil prices rose today, Tuesday, to $ 69 a barrel, as investors focused on the possibility of a lack of supply, after the “OPEC +” group extended production restrictions, in a context of growing hope of a recovery in demand.
At 9:20 a.m. GMT, Brent futures rose 0.8% to $ 68.75 a barrel, while U.S. West Texas Intermediate crude rose 34 cents to $ 65.39 a barrel.
Prices had reached their highest level since the pandemic began on Monday, after Houthi forces in Yemen launched drones and missiles at Saudi oil sites last Sunday. The kingdom said it thwarted the attacks, pushing prices down as supply problems subsided.
“The declines of recent times have been seen as buying opportunities … Last week’s (OPEC +) meeting ensures that the global oil balance is heading into a scarcer market for the foreseeable future,” said Tamas Varga from PVM Consulting.
Source: Reuters
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