Oil Price gains to multi-year highs on tight supply
Share on facebook
Share on google
Share on twitter
Share on telegram
Share on whatsapp
oil price, benefits, forex, trading, trade

Crude oil is one of the most in-demand commodities, with the two most popularly traded grades of oil being Brent Crude and West Texas Intermediate (WTI)

Recently, U.S Crude Oil reach a seven-year high because the world economy is healing from the coronavirus pandemic.

The effects of the economic recovery have caused oil prices to rise from $85.53 to $85.79 or 0.3%. Also, U.S West Texas Intermediate (WTI) crude increase from $83.76 to $84.24 or 0.6%.

Other than that, there is also the bullish sentiment that supports the price of oil to continue to increase. This is because the demand for the oil supply is tight. This is one of the reasons why the oil price is strengthened.

The WTI movement is moving due to investors. This caused oil prices to rise after prices fell during the pandemic Covid-19

Source: TheEdgeMarkets