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Oil Futures Rise on Positive Demand Expectations

M. Ali 3 May, 2021 10:56 pm Commodities, Market Update

Oil prices rose on Monday, amid signs of an improved demand outlook, despite the rising number of cases of the coronavirus, especially in India.

Recent expectations of a strong recovery in the global demand for crude oil during the second half of the year continue to provide support for oil futures.

Brent crude futures for July delivery increased by 80 cents, or 1.2%, to close at $67.56 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for June delivery rose by 91 cents, or 1.4%, to settle at $64.49 per barrel.

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