On Sunday, the prices of oil dipped marginally with Brent closing at $66.77 per barrel, thus implying a 0.25% decline when compared to $66.94 recorded on Saturday.
However, the prices recovered significantly in the past week compared to $63.2 recorded at the beginning of the previous week as oil demand begins to boost.
According to reports, global oil demand is projected to increase year-on-year by 6% in 2021, climbing to an average of 95.4 million barrels per day, compared to 89.6 million bpd in 2020.
There was also a projection that road fuel demand will rise by 9% in 2021, to 45.1 million barrel per day, from 41.3 million bpd recorded in the previous year.
Brent Crude closed at $66.77 (-0.25%), WTI Crude closed at $63.13 indicating 0.52% decline; Bonny Light, $65.25 (+0.37%), OPEC Basket (+1.72%) to close at $64.18, while Natural gas dipped by 0.83% to close at $2.68.