Oil prices climb over 2% amid increased demand
Brent futures rose 2.5%, to settle at $123.58 a barrel
• Brent futures rose 2.5%, to settle at $123.58 a barrel
Oil prices soared over 2% on Wednesday to a 13-week high due to increased demand of gasoline in the US.
Brent futures rose 2.5%, to settle at $123.58 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 2.3%, to close at $122.11.
Demand is also expected to be high as China, which is the biggest oil importer, has lifted Covid-19 lockdowns after a decline in cases.
Concerns surrounding oil supply is heightening as Iran said it was removing two International Atomic Energy Agency surveillance cameras at a uranium enrichment facility after the UN criticized Iran for failing to fully explain uranium traces at undeclared sites.
If sanctions of Iranian oil are lifted, the country could add about 1 million barrels per day (bpd) of crude to world supply.
Picture Credits: Reuters
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