Oil Price Rises, Hits $71.28 Per Barrel

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For the first time in 2021, oil price has risen to $71.28 per barrel in the international market.

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This is coming on the heels of Thursday’s meeting where the Organisation of Petroleum Exporting Countries (OPEC) and other members resisted the pressure to increase production.

Brent oil was up $1.28, or two per cent, to $63.98 a barrel by 1050 GMT on Wednesday.

Norbert Rücker, an analyst at Swiss bank Julius Baer, on Wednesday, revealed that oil prices might push above $70 before mid-year.

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“We see oil prices pushing temporarily above $70 by mid-year”

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