1 Jun, 2021

Oil prices jump over $70 a barrel today

This explains why my oil stocks jumped today as well.

The price of oil was on course Tuesday to close above $70 a barrel for the first time in two years on investors’ optimism that improving oil demand and a dwindling supply glut may mean the market can absorb any additional supply from OPEC and its allies.

Brent crude, the international energy benchmark, rose 1.3% to $70.20 a barrel. It is on track for its highest close since May 2019. West Texas Intermediate futures gained 2.2% to $67.78 a barrel. The U.S. gauge crossed its highest level since October 2018 earlier on Tuesday.

Wall Street Journal
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