The price of oil is on the rise again - Economic Policy

The price of oil is on the rise again – Economic Policy

Oil prices started the week higher. On Monday morning, a barrel of Brent from the North Sea indeed cost 119.88 dollars, or 45 cents more than on Friday. The price of US WTI rose 84 cents to $115.90 a barrel.

Both kinds of oil currently cost the same as they did at the beginning of March, shortly after the Russian invasion of Ukraine.

Oil prices are notably being pushed higher by the easing of measures to combat the coronavirus in China, which should lead to an increase in demand in the world’s second largest economy. A European summit to position itself on a possible oil embargo against Russia also begins on Monday.

Both kinds of oil currently cost the same as they did at the beginning of March, shortly after the Russian invasion of Ukraine. Oil prices are notably being pushed higher by the easing of measures to combat the coronavirus in China, which should lead to an increase in demand in the world’s second largest economy. A European summit to position itself on a possible oil embargo against Russia also begins on Monday.

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