World oil prices have been growing for the second week
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Expectations of easing quarantine restrictions support the prospects for economic recovery and demand for “black gold”.
World benchmark oil prices are rising moderately on expectations of an easing of quarantine in Europe. This is evidenced by the trading data on Tuesday, May 4.
Thus, July futures for Brent on the London ICE Futures exchange rose by $ 1.37 (2.03%) – up to $ 68.93 per barrel.
The cost of a WTI June futures contract at the electronic session on the New York Mercantile Exchange (NYMEX) increased by $ 1.26 (1.95%) to $ 65.75 per barrel.
Now the spread between the current contracts for Brent and WTI is $ 3.18 in favor of Brent.
Oil prices are responding positively to quarantine news in Europe. The day before it was reported that the European Commission proposed to the member states of the European Union loosen restrictions on entry to the EU for travel of a non-essential nature. First of all, we are talking about tourism, given the progress in vaccination campaigns and the evolving epidemiological situation around the world.
Recall last week world oil prices were also rising on signals of increased demand in key markets.
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