Oil continues to rise 18 May

Oil continues to go on Tuesday against the background of the growing optimism of traders in relation to the prospects for demand in the United States and Europe.

The cost of Brent is approaching $ 70 per barrel, the price of WTI on Monday rose to a maximum of more than two years.

Among the positive signals for the market is the restoration of tourist activity in the United States, which should push the demand for oil and petroleum products. According to the US transport security management, the passenger traffic of American airports reached last Sunday of the maximum level from March 2020, about 1.85 million passengers passed through airports.

The American airline United Airlines on Monday reported that the booking of air tickets for the summer season this year exceeded the level of last year by 214%. In this regard, United intends to add 400 flights to the daily flight schedule since July.

The cost of July Brent oil futures at the Ice Futures London Stock Exchange is $ 69.65 per barrel, which is $ 0.19 (0.27%) above the price of closing the previous session. According to the results of trading on Monday, these contracts went up by $ 0.75 (1.1%) – up to $ 69.46 per barrel, maximum since March.

WTI oil futures price for June on the electronic bidding of the New York Commodity Exchange (NYMEX) by this time is $ 66.45 per barrel, which is $ 0.18 (0.27%) above the final value of the previous session. On the eve of the cost of these contracts increased by $ 0.9 (1.4%) – up to $ 66.27 per barrel, which, according to Dow Jones, is the highest value from April 23, 2019.

Increased oil demand signals in the United States, as well as Europe and China, support the oil market in spite of the fact that in a number of Asia countries, including in India and Japan, the epidemiological situation remains complex, the Bloomberg Agency writes.

“It is obvious that the market focuses on the United States, Europe and China,” said Oanda Asia Pacific Analyst Jeffrey Halley. According to the expert forecast, the price of Brent will rise to $ 72 per barrel in a short time, after it overcomes the important level of resistance – $ 70 per barrel.