With yesterday’s reopening of the US borders to vaccinated travellers, the price of crude oil rose towards $84 per barrel early today with a rise in demand outlook while supply remained tight.
Brent crude rose by 0.4%, bringing oil price to $83.74 per barrel, after gaining 0.8% on Monday. US West Texas Intermediate (WTI) oil also advanced by 0.4% to $82.29 after a 0.8% rise on Monday.
Last week, OPEC decided to stick to its existing pace of easing record output cuts, rebuffing US pleas to pump more thus, keeping supply tight for the near term.
