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Oil Demand Surge from Countries post the COVID-19 Pandemic

According to sources , there has been a rise of 14 cents in the Brent Crude, which is almost a rise of 0.2%, to reach USD 72.83 by 0123 GMT.It witnessed a high of 1.1% in the previous week and reached the highest point of USD 73.09 on Friday during the last week.The prices of oil have been witnessing multi-year highs on Monday, which is due to growing oil demand across various regions amidst the COVID-19 Pandemic.

Oil Demand Surge from Countries post the COVID-19 PandemicUS West Texas Intermediate also witnessed a gain of 14 cents, which is a rise of around 0.2 %, to reach USD 71.05 per barrel. It has been its highest gain since the last time, in October 2018, at USD 71.24, on a Friday, by witnessing a rise of 1.9 % in that week.The rise in commute and travel of the individuals who have been vaccinated, increase in vehicle traffic amidst the past Pandemic time, and increase in air traffic further improve oil demands.

The OPEC and allies, known as the OPEC+, are required to increase their output to meet the rising demand of the oil post-Pandemic, says the International Energy Agency (IEA) said in its monthly report on Friday. IEA further added that OPEC has to keep its taps open to cater to the rising demand for oil in several countries.

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