WTI Oil Hits $70 for First Time Since 2018 as Market Tightens

Commodities4 hours ago (Jun 06, 2021 09:27PM ET)

(C) Bloomberg. Above ground petroleum storage tanks at the Valero Energy Corp. Wilmington Refinery in Wilmington, California, U.S., on Wednesday, April 21, 2021. Oil fell for a second day with an increase in U.S. crude inventories compounding concerns around a choppy global demand recovery. Photographer: Bing Guan/Bloomberg

(Bloomberg) — Oil in New York hit $70 a barrel for the first time since October 2018 as upbeat comments on the market from major trader Vitol Group added to optimism over the global demand recovery.

Futures climbed as much as 0.6% during early trading on Monday after posting a second straight weekly gain. OPEC+ appears in control of crude prices, with U.S. production lagging pre-pandemic levels, Mike Muller, Vitol’s head of Asia, said at a conference on Sunday. The alliance is returning supply after output cuts helped to tighten the market. Brent oil traded above $72.

Oil is in “strong demand right now,” with economies around the world opening up, Daniel Yergin, the oil historian and vice chairman at IHS Markit Ltd., told Bloomberg Television last week. Optimism around rising fuel consumption is growing as the U.S., China and Europe rebound strongly from the pandemic.

See also: Rosneft Warns of ‘Severe’ Oil Shortage Amid Hasty Energy Shift

(C)2021 Bloomberg L.P.

WTI Oil Hits $70 for First Time Since 2018 as Market Tightens

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