Oil Closes In On $75, Triggering Worry Of A Supercycle

Oil Closes In On $75, Triggering Worry Of A Supercycle
by Ship & Bunker News Team
Wednesday June 16, 2021
With the long-feared prospect of a rise in
Iran crude exports looking less likely and demand recovery continuing to exceed expectations, oil prices on Wednesday rose for a fifth consecutive session and closed in on the
$75 mark. 
7.4 million barrels in the week to June 11 and refining utilization rose to
92.6 percent (the highest since January 2020), West Texas Intermediate rose
3 cents to
$72.99, the highest since October 2018.
Brent gained
40 cents to hit
44 percent this year as the world rapidly emerges from the pandemic.
“
William Reed II, CEO, Castleton

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