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