World oil prices reach their highest levels in nearly two years
By: Times News Service
Photo used for illustrative purpose only
Muscat: World oil prices closed on Friday at their highest levels in nearly two years, after producers agreed to increase supply from April by a smaller amount than expected.
The price of a barrel of Brent North Sea crude for May delivery rose by 3.9 per cent to $69.66 in London, its highest closing price since April 2019.
In New York, the price of a West Texas Intermediate (WTI) per barrel for April delivery rose by 3.5 per cent and reached $ 66.9, the highest closing level in 22 months.
Oil demand to bounce back this year, says report
The Covid pandemic led to oil demand contracting by 9-10 million barrels per day in 2020, but it is expected to rebound by 5-6 million barrels per day this year, a major symposium heard.
The pandemic has also led to a downward revision in long-term annual economic growth by as much as 0.8 percentage points in some outlooks, a high-level report noted.
The International Energy Agency (IEA), the International Energy Forum (IEF) and the Organization of the Petroleum Exporting Countries (Opec) hosted the 11th IEA-IEF-Opec Symposium on Energy Outlooks to examine the impact of the Covid-19 pandemic on global energy markets and the outlook for global energy security and market stability.
The Covid pandemic led to oil demand contracting by 9-10 million barrels per day in 2020, but it is expected to rebound by 5-6 million barrels per day this year, a major symposium heard.