Oil Price Hits $71.28 Per Barrel

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A report by SaharaReporters has shown that, for the first time in 2021, oil price has risen to $71.28 per barrel in the international market.

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

Before Thursday’s meeting, 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 might push above $70 before mid-year.

“We see oil pushing temporarily above $70 by mid-year,” he said.