Crude climbs above $70 amid hopes of demand reaching pre-pandemic levels in 2022

Oil prices continued to grow on Friday, as the International Energy Agency (IEA) said that global crude demand would return to pre-Covid-19 pandemic levels by the end of next year.

Global benchmark Brent rose to $72.87 a barrel, while West Texas Intermediate crude (WTI) for July delivery increased to $70.72. WTI topped $70 a barrel last Friday (its highest since 2018), and Brent spiked over $72 on increasingly favorable demand outlook.

The IEA said in a report on Friday that producers will need to increase output to keep up with demand recovery. It expects demand to rise in 2021 before growing at a faster rate next year, reaching 100 million barrels a day (mb/d) by the end of 2022.