Oil hits six-week high $68.47 as dollar weakens
Dayo Adenubi with agency report
Published 30 April 2021
Published 30 April 2021
The international oil benchmark, Brent crude, reached its highest in six weeks on Thursday as strong US economic data, a weak dollar and overall expected recovery in demand outweighed worries about the impact of increased COVID-19 cases in Brazil and India.
Brent crude rose by $1.2 to $68.47 per barrel by 6:59pm Nigerian time, while the United States West Texas Intermediate rose by $1.07 to $64.93 per barrel, according to EnergyIntel.
Reuters reported that oil prices had maintained an increase for three consecutive days.
The increase in US oil demand came amid the market’s assessment of improved economic conditions, as per a US Energy Information Administration report, said S&P Global Platts.
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