Oil prices surge on lifted Covid restrictions

Lifting Covid-19 restrictions will likely lead to higher fuel consumption, say analysts at ANZ Bank.

Photo: Jaime Saldarriaga/Reuters/Ritzau Scanpix

Oil prices surge Monday morning CET to the highest level in years as both European reference oil Brent and US benchmark West Texas Intermediate rose by at least 3 percent last week.

A barrel of Brent costs USD 85.79 against USD 84.71 Friday afternoon, with WTI concurrently trading at USD 83.48 against USD 82.19.

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