WTI Oil Prices Approaching 7-Year High — Market Talk

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WTI Oil Prices Approaching 7-Year High — Market Talk

US benchmark oil prices jump 2.8% to $75.51 a barrel and are now less than $1 from levels not seen since 2014. Investors are betting OPEC and Russia, which are meeting today, will decide to continue their policy of keeping barrels out of the market as they increase output at a rather slow pace despite quickly-rebounding global demand as the coronavirus pandemic eases. “We now believe $80 oil prices during the summer months is achievable,” says Peter Cardillo at Spartan Capital. WTI crude rose 51% during the first half of the year, and are now on track for six straight weekly increases. Brent crude also rises, up 2.2% at $76.25.