100 million barrels per day expected global demand in the third quarter
Oil is touching $ 70, supported by expectations of increased demand and positive data
Oil prices rose yesterday, and "Brent crude" remained intact near the level of $ 70 a barrel, as positive US economic data and expectations of a recovery in global demand overshadowed concerns about increasing supplies from Iran when sanctions are lifted.
Brent rose 24 cents, equivalent to 0.4%, to $ 69.7 a barrel, while US West Texas Intermediate crude rose 35 cents, or 0.5%, to $ 67.2 a barrel.
While analysts expect that global oil demand will rise to nearly 100 million barrels per day in the third quarter of the year, with the support of the summer travel season in Europe and the United States, after large-scale vaccination programs with Corona virus vaccines.
"With the support of good economic data and the appetite for risk on the part of investors in the financial markets, Brent is heading again to the level of $ 70 a barrel, which is psychologically important," said Eugen Feinberg, an analyst at Commerzbank.
He added, "Concerns about demand due to the pandemic are eased by optimism in light of the rapid return of consumers."
Brent and West Texas Intermediate are heading for weekly gains of 4% and 5%, respectively.
Strong economic data from the United States, the world's largest economy and consumer of oil, also provided support, as the number of Americans filing for new applications for unemployment benefits fell to the lowest level since mid-March 2020, which was better than expectations.
The gains, however, were limited by exceptions related to the return of Iranian oil to the market.
"Demand for gasoline is currently exceeding 2019 levels in some regions," ANZ analysts said in a note.
The high incidence of Coronavirus cases in Asia has put pressure on prices, as the number of infections in South Asia exceeded 30 million yesterday, according to a Reuters count, led by India, which is struck by a second wave of "Covid-19", and a deficit in vaccines. In various parts of the region.
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