Oil price has risen to $71.28 per barrel in the international market, for the first time in 2021.
This is coming on the heels of last Thursday’s meeting where the Organisation of Petroleum Exporting Countries, OPEC, and other members resisted the pressure to increase production.
Prior to the meeting, Brent oil was up $1.28, or two per cent, to $63.98 a barrel by 1050 GMT on Wednesday.
On Wednesday, an analyst at Swiss bank Julius Baer, Norbert Rücker, revealed that oil prices might push above $70 before mid-year.
According to Rücker, “We see oil prices pushing temporarily above $70 by mid-year.”
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