Oil prices rise; Brent nears $72

Oil prices continued their positive momentum for the third day on Thursday, holding near the highest levels in two and a half years, on expectations of a strong rebound in demand.

The international benchmark Brent crude was trading up 0.7% at $71.86 per barrel, at 9.05 am Makkah time.

WTI crude rose 0.6% to $69.25 per barrel.

Oil is in “strong demand right now,” with economies around the world opening up, Bloomberg Television reported, citing Daniel Yergin, vice chairman at IHS Markit Ltd. He expects prices could rise as high as $80 a barrel.

Meanwhile, Vandana Hari, founder of energy consultant Vanda Insights, said that demand is bouncing back, especially in the US, and the European picture is also remains cautiously optimistic.