Oil Continues to Rising But Virus Fears Dampen Gains

Crude oil rose on Wednesday, April 14, after data in the sector showed that US inventories fell more than expected, while OPEC raised expectations for crude demand, but concerns about the Coronavirus and increasing supplies curbed the gains.

Brent crude futures rose 85 cents, equivalent to 1.3%, to $64.52 a barrel, after adding 39 cents on Tuesday.

US West Texas Intermediate crude futures rose 82 cents, or 1.4%, to $61 a barrel, after increasing 48 cents yesterday.

Signs of a strong economic recovery in China and the United States supported oil’s recent gains, but fears about stalled vaccination campaigns and increased coronavirus infections in India and Brazil slowed the market’s progress.