Oil Settles 1% Higher on Positive Recovery Signs

Crude oil prices rose on Tuesday, supported by signs of economic recovery and positive expectations for the global economy this year.

Recent economic data in the U.S. and China, the biggest two economic in the world, signaled a recovery from the negative impacts from the pandemic. In addition, the International Monetary Fund now expects that world economy will achieve its best growth rate since 1976, with the U.S. economy growing at the highest pace since 1984.

Furthermore, the recent decision by the OPEC+ to gradually ease output curbs helped maintain market balance.

Brent futures for May delivery gained 59 cents, or 1%, to close at $62.74 per barrel.

Meanwhile, the U.S. West Texas Intermediate (WTI) crude futures increased by 68 cents, or 1.2%, to finish at $59.33 per barrel.