Middle East Oil Prices Rise As Global Demand Recovers

Asia Demand Recovery Sparks July Pricing Hope First to confront the third wave of the COVID-19 pandemic, Europe and North America are now spearheading the demand recovery in the oil market. In fact, demand outstripping supply has seen oil prices breach the $70 per barrel mark and, contrary to several instances in May when intra-day trading stood above $70 per barrel yet Brent settlements slid down eventually, the global benchmark is now comfortably above another threshold. Such a sequence of events would imply that Asian demand, with a 2-3 month’…