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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.

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