WASHINGTON (dpa-AFX) - Crude oil prices rose sharply on Tuesday and lifted the most active oil futures contracts to their highest settlement in over two and a half years.Oil prices rose amid optimism
Brent up $2, hits highest since March on demand prospects
Source: Reuters
Prices were also boosted by Chinese data showing that the country’s factory activity grew at its fastest this year in May.
Brent crude futures for August gained $2.01, or 2.9%, to $71.33 a barrel by 1401 GMT, its highest intra-day price since March 8.
U.S. West Texas Intermediate crude for July was at $68.85. That was up $2.53, or 3.8%, from Friday’s close, with no settlement price for Monday because of a U.S. public holiday.
“Oil prices today are rising as the market is getting increasingly confident that demand is reaching the end of the recovery tunnel, with strong usage indications coming globally, from the United States to China,” said Louise Dickson, oil markets analyst at Rystad Energy.
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