Oil prices are bullish in the Asian session today, as the worry of a potential coordinated release of crude reserves by the world’s major economies in a bid to lower prices, seems to be having less of an impact on the black liquid’s price.
The global benchmark, Brent crude oil is up 0.87%, currently trading at $81.95 a barrel, after falling to a six-week low on Thursday.
The United States benchmark, the West Texas Intermediate (WTI) crude is up 0.85%, currently trading at $79.10 a barrel, as of the time of writing this report.
The U.S. push for a coordinated release of oil stockpiles has been seen as a signal to the Organization of the Petroleum Exporting Countries and its allies (OPEC+), to raise output to address concerns of high fuel prices in the world’s biggest economies, starting with the United States, China and Japan.
The global benchmark has appreciated approximately 60% this year, recently driven by a wider energy crunch as economies recover from the COVID-19 pandemic at the same time the OPEC+ has only gradually raised output.
The OPEC+ has maintained what analysts say is unprecedented restraint on production, even as prices have rebounded from the depths of the early stages of the coronavirus pandemic
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