Oil flirts with $70 pb Mark, Surges Market Optimism to 2021 High


Price of Brent Crude has touched $70 per barrel Price, a development that has, according to Platforms Africa, surged optimism in the global market to the highest level in 2021

There was a slight pullback in oil prices following Wednesday’s highs, but the rally is still very much on and bullish sentiment is palpable as summer driving season nears.

Stats on oil price

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A report on Friday, May 7th, 2021, shows that Brent tested $70 per barrel on Wednesday but fell back on Thursday.

Stats on crude oil price

Oil “had a great run, but it got a little bit ahead of itself,” Phil Streible, chief market strategist at Blue Line Futures LLC in Chicago, told Bloomberg.

“We’ve hit resistance and prices pulled back,” but it’s hard to see a summer demand boost “being derailed,” he said. Oil is still set to close out the week with another gain.

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