Oil up nearly 2% to multi-year highs on demand expectations
NEW YORK (Reuters) – Oil prices rose nearly 2% to their highest in more than two years on Tuesday, buoyed by expectations demand will recover rapidly in the second half of 2021.
Brent crude rose $1.13, or 1.6%, to settle at $73.99 a barrel. The global benchmark during the session hit $74.07 a barrel, its highest since April 2019.
U.S. oil rose $1.24, or 1.8%, to settle at $72.12 a barrel. It hit a session high of $72.19 a barrel, its highest since October 2018.
Boosting prices, the world’s biggest oil traders said on Tuesday they see oil prices staying above $70 a barrel with demand expected to return to pre-pandemic levels in the second half of 2022.
