Oil prices hit 26-month high on recovery optimism

Oil prices hit 26-month high on recovery optimism
# 14 June 2021 18:43 (UTC +04:00)

The prices of oil increased by 1% on Monday, with Brent hitting a 26-month high and West Texas Intermediate reaching a level it last stood at in October 2018, APA reports citing Teletrader.

The sentiment was seemingly backed by optimism regarding the vaccine rollout in the developed countries, which sparked hopes of higher demand for crude.

Brent for settlements in August advanced 0.74% to sell for $73.22 at 9:15 am ET, while July's West Texas Intermediate advanced 0.8% at the same time, selling for $71.48.

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