Open Demo Account
Home / Market Update / Commodities / Oil Gains on Outlook Recovery Expectations

Oil Gains on Outlook Recovery Expectations

M. Ali 14 April, 2021 1:24 am Commodities, Market Update

Oil prices rose on Tuesday, supported by the improved demand forecasts for 2021, by the Organization of the Petroleum Exporting Countries (OPEC).

In addition, positive economic data in the United States and China prompted optimism about the recovery of the global economy and the demand for energy sources.

The West Texas Intermediate (WTI) futures for May delivery increased by 48 cents, or 0.8%, to close at $60.18 per barrel.

This is the first time for the U.S. benchmark crude futures to finish above $60 a barrel since the beginning of the month.

Meanwhile, the global benchmark, Brent crude futures for May delivery added 0.71 cents, or 1.12%, to settle at $63.99 per barrel.

Tags

Check Also

Could USDT Removal Impact EU Amid Crypto Boom Promised By Trump?

The European Union’s Markets in Crypto-Assets (MiCA) regulation, designed to enhance transparency and combat financial …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends