Web Desk. The price of crude oil has crossed 67 67 a barrel due to economic recovery and an increased demand following the global coronavirus outbreak.
According to the latest data from China, gross domestic product (GDP) reached 18.3 percent in the first quarter, according to the British news agency Reuters.
According to Stephen Brennock, an analyst at oil brokers PVM Group, oil prices are unlikely to fall after the recovery of the world’s two largest economies, China and the United States.
Rent crude rose 26 cents to 67.20 a barrel. Recent US economic sanctions on Russia could also push up oil prices. Russia is one of the largest oil producers.
According to Commerce Bank official Eugene Weinberger, economic sanctions on Russia will not directly affect the oil sector but may increase fiscal spending and create uncertainty in trade with Russia.
Rising demand for oil has raised hopes, but also raised concerns in other major economies over the growing number of cases of coronavirus.
India has seen a record increase in the number of Corona victims, while Germany has also seen the third wave of Corona engulfing the country.
The Organization of the Petroleum Exporting Countries (OPEC) has decided to increase oil production marginally as demand for oil rises again in the wake of the global epidemic.