The price of oil reached 81 dollars per barrel
WTI crude oil has been playing around $80 for the past two weeks, and the sell-off earlier this week suggests it may not reach $80.
But curbs in the U.S. this week finally managed to push oil to its highest level since early November.
WTI crude oil price increased by $1.64 to $81.35 today in the second day of price increase. This is the highest figure since the extension of OPEC production limits in November. The restrictions were reaffirmed last week and will remain in place until at least June.
Stronger global growth also follows oil as the EIA revised its US demand forecast slightly higher this week. This could ultimately be a double-edged sword if the economy crashes, but for now the market is bullish on the US driving season.
Particularly notable in this week's data was the high elasticity of gasoline demand in the United States. It shows that the Americas continue to drive despite better engine efficiency and an increasing number of electric vehicles on the road.
Stay with us for the rest of the video
WTI crude oil has been playing around $80 for the past two weeks, and the sell-off earlier this week suggests it may not reach $80.
But curbs in the U.S. this week finally managed to push oil to its highest level since early November.
WTI crude oil price increased by $1.64 to $81.35 today in the second day of price increase. This is the highest figure since the extension of OPEC production limits in November. The restrictions were reaffirmed last week and will remain in place until at least June.
Stronger global growth also follows oil as the EIA revised its US demand forecast slightly higher this week. This could ultimately be a double-edged sword if the economy crashes, but for now the market is bullish on the US driving season.
Particularly notable in this week's data was the high elasticity of gasoline demand in the United States. It shows that the Americas continue to drive despite better engine efficiency and an increasing number of electric vehicles on the road.
Stay with us for the rest of the video