For the first time since January 2020, the price of May Brent crude oil futures has exceeded $70 per barrel. This is evidenced by the trading data of the London stock exchange ICE.

The price of North Sea oil at its peak increased by 1.78 percent and reached $70.78 per barrel. Meanwhile, WTI crude oil rose in price by 1.72 percent to $67.41.

Earlier, the Energy Information Administration of the US Department of Energy (EIA) provided an annual forecast for oil prices for the foreseeable future. The department admitted that by 2050 the price of Brent will increase to $173 per barrel, although the pessimistic forecast is about $48. OPEC believes that this year demand will slow down by 100 thousand barrels per day and drop to 5.8 million barrels.