Open Demo Account
Home / Market Update / Commodities / Oil Rises on Hopes of Recovery in Demand
Oil Rig oil (
Oil Rig

Oil Rises on Hopes of Recovery in Demand

Adel 23 April, 2021 1:38 pm Commodities, Market Update

Oil prices rose on Friday, April 23, boosted by hopes for a recovery in demand as global growth improves and lockdown measures eased, but concerns about a surge in second-wave COVID-19 infections in India dampen the gains.

Brent crude futures rose 42 cents, or 0.6%, to $65.82 a barrel after rising 8 cents on Thursday.

US West Texas Intermediate crude futures jumped 51 cents, or 0.8%, to $61.94 a barrel, after also increasing by 8 cents on Thursday.

The two benchmark crude contracts are heading towards a weekly loss of about 2% due to concerns about reduced fuel demand in India, the world’s third-largest importer of oil, as injuries and deaths with Covid-19 reached a new record this week.

Tags

Check Also

Bitcoin Faces Continued Pressure Amid Fed’s Hawkish Stance

Bitcoin traded marginally lower on Monday, reflecting ongoing caution among investors as macroeconomic uncertainties and …

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