Global oil prices reach pre-pandemic levels at a one-year high | Daily News

Global oil prices reach pre-pandemic levels at a one-year high

Oil prices made their biggest weekly gain this year, reaching pre-pandemic levels at a one-year high. The price of Brent crude is about to breach the important psychological mark of $60, closing the week at $59.34 per barrel.

The price of West Texas Intermediate (WTI) crude closed the week at $56.85 per barrel.

The declining crude oil inventories in the world’s two largest oil-consuming nations and largest economies, the US and China, have led to an outlook of a tightening market. China’s crude oil stocks fell to their lowest level in nearly a year amid a global drawdown in inventories that are being driven by tighter supply strategies from OPEC+, which has read the market very well. (hellenicshippingnews)