JUST IN: Oil Price Hits $71.28 Per Barrel

Oil price has risen to $71.28 per barrel in the international market, for the first time in 2021.

This is coming on the heels of Thursday’s meeting where the Organisation of Petroleum Exporting Countries (OPEC) and other members 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 prices might push above $70 before mid-year.

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