Sharp rise in oil prices

Oil futures prices rose sharply during Tuesday’s session after falling in the past few days, at a time when economic data showed increased demand for fuel in India in July.

The price of West Texas Intermediate crude, the benchmark for US oil, rose yesterday by $ 1.81, or 2.7%, to $ 68.29 per barrel for September delivery.

The price of Brent crude, the benchmark for North Sea oil, rose $ 1.82, or 2.6%, to $ 70.86 a barrel for October delivery.

Oil market traders hope energy demand will improve sharply in the US and Europe in the coming weeks.

The US Energy Information Administration said in a monthly report that it expects average gasoline consumption in the United States to increase this year to 8.8 million barrels per day, from 8 million barrels per day. day in 2020.

The US Energy Information Administration predicts that the labor market and transportation will continue to improve over the next year, pushing gasoline consumption to about 9 million barrels per day.

Source: agencies

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