Oil Up As Demand Growth Aligned With Supply Ahead Of OPEC+ Meet

Muhammad Irfan Published June 25, 2021 | 03:10 PM

ANKARA, 25 June (UrduPoint / Pakistan Point News - 25th Jun, 2021 ) :- Oil prices increased on Friday over greater hopes of better demand at the onset of the summer driving season and on expectations that major oil producers will take a cautious approach to output increases.

International benchmark Brent crude was trading at $75.72 per barrel at 07.39 GMT for a 0.21% increase after closing Thursday at $75.56 a barrel.

American benchmark West Texas Intermediate (WTI) traded at $73.47 a barrel at the same time for a 0.23% rise after ending the previous session at $73.30 per barrel.

The acceleration of vaccination campaigns against the COVID-19 pandemic, the easing of travel restrictions, and the increasing rate of domestic and international travel with the start of the summer driving season are raising oil demand and reflecting positively in higher oil prices.

British Transport Secretary Grant Shapps announced updates Thursday to the UK's "traffic light system" for overseas travel that divides countries into red, amber and green lists.

From June 30, Malta, Madeira, the Balearic Islands, several UK overseas territories, and Caribbean islands (including Barbados) will be added to the government's green list.

The full list of countries to be added to the red list includes Eritrea, Haiti, Dominican Republic, Mongolia, Tunisia and Uganda.