Will Oil Prices Break Up To $ 80 A Barrel? - Kakiforex.com - Financial Market Media No. 1 in the World Will Oil Prices Break Up To $ 80 A Barrel? Will Oil Prices Break Up To $ 80 A Barrel?
InstaForex

June 15, 2021

Will Oil Prices Break Up To $ 80 A Barrel?

 Black commodity trading continued to maintain its strengthening momentum to trade higher wwalauoun there were concerns that the delay in reopening the economy by the UK would limit demand growth.


Entering the European session, Brent crude futures traded stronger at $ 73 a barrel, while US WTI traded stronger at $ 71 a barrel.


Britain had to postpone its plans to reopen the coronavirus blockade completely on June 21 due to concerns over the spread of the Covid-19 variant of Delta which was first detected in India.



The variant has now become dominant in the UK, leading to a surge in cases of Covid-19 infection even though so far more than half of the population has received the vaccine.


Nevertheless, the oil market is still holding on to expectations of rising demand, especially in the United States this summer.


Canada and the U.S. will reportedly discuss reopening border restrictions on citizens who have fully received the vaccine, and this raises hopes for high fuel demand if more movement is allowed.