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OIL-Barrel is approaching $ 70 thanks to better demand outlook in the boreal summer

Por Bozorgmehr Sharafedin

LONDON (Reuters) – Crude prices rose for the third day in a row on Wednesday as easing lockdowns in the United States and parts of Europe boosted demand for fuel in the summer and offset concerns about a rise in oil prices. COVID-19 infections in India and Japan.

* At 1105 GMT, Brent crude was up 82 cents, or 1.19%, at $ 69.70 a barrel, while West Texas Intermediate in the United States (WTI) was up 78 cents, or 1.19%. , at $ 66.47 a barrel.

* Both contracts hit their highest level since mid-March in intraday trading.

* “A return in crude to $ 70 is closer to reality,” said Stephen Brennock of brokerage PVM.

* “The jump in oil prices came amid expectations of strong demand as Western economies reopen. In fact, anticipation of a rise in fuel and energy use in the United States and Europe during the summer months is high. “, he pointed.

* Crude prices were also supported by a sharp decline in inventories in the United States, according to data from the American Petroleum Institute (API) industry group cited by two sources.

* The advance in crude prices to highs of almost two months has been supported by the distribution of vaccines against COVID-19 in the United States and Europe.

* This has offset declining demand in India, the world’s third largest oil consumer, which is fighting a surge in infections.

GRAPH: IEA Oil Demand and Supply Forecasts https://tmsnrt.rs/32ZE2UT

Asset performance in the year http://tmsnrt.rs/2szi3CI

API figures show sharp drop in US crude and fuel inventories: sources

India records daily record of coronavirus deaths

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(Additional reporting by Sonali Paul in Melbourne and Koustav Samanta in Singapore; edited in Spanish by Carlos Serrano)

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