Economic

Oil hits the highest price as global economies resume

Crude oil prices continued to rise, on Tuesday, for the fourth consecutive day, to the highest level in two months.

This rise was supported by the resumption of global economies, after a closure that lasted for more than 45 days, as a result of the Corona pandemic.

The Organization of Petroleum Exporting Countries (OPEC) said last week that positive indicators had emerged in May this year, regarding the increase in demand for crude, and the emergence of the impact of the agreement to reduce production, which began from the beginning of this month.

By the time (32:32 GMT), Brent crude (July delivery) futures rose 1.56 percent, or 55 cents, to $ 35.36 a barrel.

US West Texas Intermediate crude oil for July delivery rose 1.40 percent, or 44 cents, to $ 32.8 a barrel.

Oil producers hope the US Energy Information Administration announced, Wednesday, a second consecutive decline in crude stocks locally for last week, which means a recovery in demand within the US market, the world’s largest consumer of crude.

Oil hits the highest price as global economies resume

In a related context, the joint initiative for oil data, “Judy”, showed on Monday that Saudi exports of crude oil increased by 1.6 percent on a monthly basis last March.

The Kingdom’s exports amounted to 7.391 million barrels per day in March 2020, compared to 7.278 million barrels per day on the previous February.

Saudi Arabia, the largest exporter of crude oil in the world, although it is ranked third in terms of production volume after both Russia and the United States, with an average production of 9.8 million barrels per day.

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