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Oil Prices Surge to Two-years Hike Amidst Increasing Demand

On Thursday, June 11, oil Prices have been escalated to their highest in more than two years in the volatile trade, posing a strong economically positive demand post the unemployment claims in the U.S dropped to their lowest ever since the first wave of COVID-19 hit the country last year. The market is addressing some crucial decisions with reports explaining the sanctions lifted on Iranian oil officials by the United States.

This was later confirmed by the U.S treasury, stating the sanctions have been lifted off of three former Iranian officials and two companies that were earlier involved in Iranian petrochemical products trading. However, a U.S. official clarified that this does not regard reviving the 2015 deal restricting nuclear weapons.

Brent futures exceeded 30 cents, 0.4%, settling at $72.52 per barrel, whereas U.S. West Texas Intermediate (WTI) crude price rose by 33 cents, 0.5% to settle at a value of $70.29. These recorded as the highest value settlement for Brent since May 2019 and since October 2018 for West Texas Intermediate. The prevalence of a number of American’s filing unemployment benefits claims declines is substantially reaching its lowest in the last 15 months.

Meanwhile, consumer Prices surged significantly in May, with the loosening grip of the pandemic on the economy providing ease.Louise Dickson, an analyst at Rystad Energy, stated that the recent data published in the United States suggests a drop in labor and unemployment as a positive indicator of a speedy recovery.

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