Oil rigs

Oil prices edged up on Wednesday supported by a recovery in demand as countries continue to ease COVID-19 restrictions.

 

The international benchmark Brent crude was trading up 0.7% at $74.50 per barrel, at 9.05 am Makkah time.

 

WTI crude rose 0.6% to $72.58 per barrel.

 

During the FT Commodities Global Summit on June 15, Vitol, Glencore, Trafigura and Goldman Sachs executives said there is a possibility that oil prices could touch $100 a barrel in the future.

 

Meanwhile, US oil inventories declined by 8.5 million barrels in the week ending June 11, according to American Petroleum Institute.

 

The Energy Information Administration’s report on US stockpiles is expected later today.

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