Why have international oil prices moved back to $70/bbl in this week?
Answer
Answer
Oil prices rallied for the third day in succession as Brent Crude inched closer to $70/bbl. The big trigger was the easing of lockdowns in the US and Europe which promises to boost demand for crude oil and gasoline. The crude rally was also helped with American Petroleum Institute reporting 7.7% fall in crude stockpiles for the week. In short, the US and Europe are making up for weak oil demand from Japan and India.