Crude Oil

Oil futures headed slightly higher on Thursday, with global benchmark Brent crude holding ground at its highest price since October 2018, as investors gauged signs of strengthening demand and kept an eye on any potential response to recent price rises by OPEC+.

Crude oil approached multi-year highs last week as the velocity of the demand recovery narrative nullified negative short-term data points.

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.