WTI Crude prices hit $58 a barrel early on Monday, rising above that threshold for the first time since the start of the COVID-19 pandemic
early last year. continued production restraint from the OPEC+ group and the extra cut from the alliance’s key member and world’s top oil exporter, Saudi Arabia, supported oil prices at the start of this week, after oil posted last week its third consecutive weekly gain.
The tightening of the oil market, combined with prospects of a rise in demand later this year with COVID-19 cases now falling and vaccination rates increasing, have been boosting oil prices since the start of February.
early last year. continued production restraint from the OPEC+ group and the extra cut from the alliance’s key member and world’s top oil exporter, Saudi Arabia, supported oil prices at the start of this week, after oil posted last week its third consecutive weekly gain.
The tightening of the oil market, combined with prospects of a rise in demand later this year with COVID-19 cases now falling and vaccination rates increasing, have been boosting oil prices since the start of February.
