Oil prices augment on market optimism

Crude oil prices augmented on Tuesday, July 13, amid market optimism over a recovery in demand from the elimination of COVID-19 pandemic-induced constraints in several developed countries.

International benchmark Brent crude was selling at USD75.44 per barrel at 0720 GMT for a 0.37 percent upsurge after closing on Monday, July 12 at USD75.16 a barrel.

American benchmark West Texas Intermediate (WTI) traded at USD74.40 a barrel at the same time for a 0.40 percent increase after ending the past session at USD74.10 per barrel.

“While the phenomenal vaccine rollout has offered every adult some protection against the virus, and the crucial link between cases, hospitalisations and deaths is weakened, the global pandemic is not over yet,” Johnson added.