The price of crude oil continued to rise this week surpassing $70 as the economies of the world break out of a recession created by COVID-19.
Although some uncertainty remains concerning global economic recovery, the U.S. economy will rise throughout the remainder of 2021 and 2022, according to a report by the Energy Information Administration (EIA) at the Department of Energy.
“The U.S. economy continues to rise after reaching multiyear lows in the second quarter of 2020,” EIA stated. “The short-term energy outlook assumes U.S, gross domestic product (GDP) will grow by 6.7% in 2021 and 4.9% in 2022.” GDP declined 3.5% last year.
Crude oil closed at $70 per barrel for West Texas Intermediate (WTI) on the New York Stock Exchange (NYMEX) on June 8. Brent crude oil, which is traded on the international exchange, has closed at more than $70 for several days.
EIA estimates the price of Brent oil will remain strong amid expectations of global demand…