West Texas Intermediate hit the highest since 2018 at the end of last week amid an increasingly favorable demand outlook. The U.S. benchmark topped $70 a barrel on Friday before retreating slightly, and Brent crude spiked over $72 a barrel during the session. Demand for oil is expected to rebound strongly this year, according to bank analysts and the head of the IEA, Fatih Birol.
Meanwhile, the prospect of Iranian oil beginning to flow freely into markets has dimmed somewhat, according to a Mizuho executive. “There’s plenty of room…WTI Price Breaks $70 For First Time Since 2018
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