Aug 18, 2022 12:42 a.m.

Crude oil market continues to firm up as stockpile tightened

The international crude oil benchmark continued to rise on 8 February 2021 on the back of tightening stockpile and improving demand outlook.

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The international crude oil benchmark continued to rise on 8 February 2021 on the back of tightening stockpile and improving demand outlook amid the global rollout of COVID-19 vaccines. 

Brent crude gained $1.22 or 2.01% to $60.56/barrel. This is the first time Brent hit above the $60/barrel threshold in a year.

WTI crude jumped $1.12 higher or 1.93% to $57.97/barrel.