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PETROLEUM-Crude oil hits multi-year highs due to demand recovery

By Dmitry Zhdannikov

LONDON, Jun 11 (.) – Crude prices hit multi-year highs on Friday and headed for their third weekly rise on expectations of a recovery in fuel demand in the United States, Europe and China, while rising prices Vaccination rates lead to a relief from restrictions due to the pandemic.

* At 1111 GMT, Brent crude futures were up 26 cents, or 0.36%, at $ 72.78 a barrel, a day after hitting their highest since May 2019.

* For their part, the West Texas Intermediate futures in the United States (WTI) improved 27 cents, or 0.38%, to 70.56 dollars a barrel, after closing the day before at their highest level since October 2018 .

* US investment bank Goldman Sachs expects Brent prices to hit $ 80 a barrel this summer, as vaccination campaigns boost global economic activity.

* The International Energy Agency said in its monthly report that OPEC + producers will have to boost their pumping to meet demand, which will recover to pre-pandemic levels by the end of 2022.

* ANZ Research analysts said in a note that data showing a return of road traffic to pre-COVID-19 levels in North America and most of Europe is encouraging.

(Reporting by Dmitry Zhdanikov, Shu Zhang and Sonali Paul; edited in Spanish by Carlos Serrano)

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