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Oil is the highest in many years, as the spread of vaccines boosts demand Aviation News

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Americans are more comfortable finding friends, returning to offices, and attending large events according to a survey.

On Monday, oil prices were close for many years, boosting better demand forecasts as an increase in COVID-19 vaccines helps lift travel limits.

Brent crude rose 14 cents or 0.2% to $ 72.83 at around 01:23 GMT. It rose 1.1 percent last week and hit a high of $ 73.09 since May 2019 on Friday.

The U.S. West Texas Intermediate rose 14 cents or 0.2 percent on a $ 71.05 barrel, the highest since October 2018 after reaching $ 71.24 percent on Friday and rising 1.9 percent a week.

Americans are becoming more comfortable finding friends, returning to workplaces, and attending large-scale events, according to the CBS News poll, which saw more than two million U.S. daily air travelers spend the first time since the pandemic began.

Vehicle traffic is returning to pre-pandemic levels in much of North America and much of Europe and there are more planes in the air easing and other restrictions, easing three-week gains for oil benchmarks.

Open the taps

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC +, need to increase production to meet recovering demand, the International Energy Agency (IEA) said in a monthly report on Friday.

The OPEC + team has been working to reduce production to help prices after the pandemic in 2020 wiped out demand.

“OPEC + needs to open taps to properly supply the world’s oil markets,” the IEA said.

Goldman Sachs said last week that Brent would rise by $ 80 a barrel in half a year as the spread of inoculations boosts economic activity around the world.

U.S. oil rigs rose from six to 365, the highest since April 2020, energy services company Baker Hughes Co. said in its weekly report.

It was the biggest weekly rise on oil rigs in the month, as drilling companies wanted to take advantage of increased demand.

Gross has digested a lot of rising news over the past week as the U.S. and Europe reopen, according to Vandana Hari, founder of Vanda Insights. Prices may be higher in the coming weeks but at a “more gradual pace,” markets are waiting for a new impetus, Harik said.

Traders in Vienna this week are following up on agreements between Iran and world powers to restore the nuclear deal, which will result in the lifting of sanctions against the country’s gross domestic exports. Iranian Deputy Foreign Minister Abbas Araghchi has questioned the possibility of reviving the treaty before citizens elect a new president on June 18. Ebrahim Raisi, a clergyman with a full-fledged intention to replace President Hassan Rouhani, said he would continue negotiations if elected. , but will not consider them as a major national concern.

Traders remained optimistic about the scope for further gains, according to weekly data from the Commodity Futures Trading Commission. Money managers have raised the most WTI bets in about three years.



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