U.S. crude oil prices top $75 a barrel, the highest since 2018

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Gulf
  • Date: 01-Jul-2021
  • Source: CNBC
  • Sector: Oil & Gas
  • Country: Gulf
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U.S. crude oil prices top $75 a barrel, the highest since 2018

Oil prices broke above $75 a barrel on Thursday to a near three-year-high ahead of a decision from key producers on production policy for the second half of 2021. U.S. for August rose 3.2%, or $2.33, to $75.82 a barrel, hitting its highest level since October 2018. The international benchmark Brent crude for September climbed 2%, or $1.49, to $76.10 per barrel. The WTI has climbed more than 50% on the year after starting 2021 at around $48.5 per barrel. Demand has increased as people take to the roads amid the economic reopening, and a rebound in goods transportation and air travel also have supported prices. Gasoline prices are jumping on the back of a post-pandemic driving spree and $75 crude prices could mean even higher prices at the pump. The current average price for a gallon of unleaded gasoline is at $3.123 per gallon, compared to $2.179 per gallon a year ago, . The advance came , an energy alliance often referred to as OPEC+, who have been positive about improved market conditions and the outlook for fuel demand growth following a sharp rebound in oil prices this year. OPEC+ will convene via videoconference at 2 p.m. London

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