The price of crude oil reached $75 U.S. a barrel in London for the first time in more than two years on Tuesday (June 22).
Brent crude oil rose above $75 U.S. as price indicators and inventory data showed that demand continues to outstrip supply.
However, the gains faltered as Russia, which jointly leads the Organization of the Petroleum Exporting Countries and their allies (known as OPEC+) coalition with Saudi Arabia, said it is planning to propose that the group increase production when it meets next week.
The global crude oil benchmark has rallied more than 40% this year as a strong rebound from the pandemic in the U.S., China and Europe underpins increasing fuel consumption. Brent crude oil may reach $100 U.S. per barrel next year as travel demand rebounds, according to a recent forecast from Bank of America.
Separately, Exxon Mobil Corp. (NYSE:XOM) is preparing to reduce headcount at its U.S. offices by between 5% and 10% annually for the next three to five years by using its performance-evaluation system to weed out low performers.
