Commodities, foreign exchange – the price of oil continues to rise – economy

The lifting of travel restrictions to the United States continued to push up oil prices on Tuesday. In the evening, a rise in prices and demand forecast by the US energy agency EIA caused a further surge in prices. For example, the EIA expects fuel consumption in America to increase by 1.49 million barrels per day in the current year. The price of a barrel of the American variety WTI rose three percent to $ 84.40. “With the reopening of US borders for vaccinated travelers, the demand for kerosene is expected to increase sharply,” said Tamas Varga of oil broker PVM. In addition, the passage of the US infrastructure law improves the outlook for demand. The main issue in the market remains the high level of oil prices and the consequences thereof. Discussions have been underway for several days to find out whether the United States could release part of its strategic oil reserves. U.S. Energy Secretary Jennifer Granholm said on Monday that President Joe Biden could make an announcement this week given high oil and fuel prices. The basis of the debate is, from the point of view of some observers, the overly cautious trajectory of the major crude-producing countries. The Opec + oil alliance is gradually increasing its production, but at a moderate pace. In view of the growing demand due to the current economic situation and high oil prices, major consuming countries such as the United States are pushing for a larger increase in production.

Investors continued to stock up on cyber currencies due to inflation concerns. These are considered the digital equivalent of gold. Bitcoin, the largest and oldest virtual currency, climbed to $ 68,564, making it more expensive than ever. The second largest cryptocurrency, Ethereum, also hit a record high of $ 4,842. Bitcoin and Ethereum prices have more than doubled since June.

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