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Brent Nears $70/Barrel as Oil Rallies on Demand Outlook

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   |    Wednesday,May 05,2021

Oil prices rose noticeably on Wednesday (5/5) due to the removal of pandemic lockdowns, which bodes well for summer travel activity and subsequent oil demand.

WTI is currently at $66.56, up 1.7% from yesterday (5/4).

Similarly, Brent jumped 1.7% to $69.79, closing in on the $70/barrel mark.


Additionally, the EIA reported a crude inventory draw of 8.0 million barrels for the most recent week.

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