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Oil rises on U S and European demand growth optimism

4 Min Read NEW YORK (Reuters) -Oil prices rose nearly 2% on Tuesday after more U.S. states eased lockdowns and the European Union sought to attract travellers, though soaring COVID-19 cases in India capped gains. FILE PHOTO: A gas pump is seen hanging from the ceiling at a petrol station in Seoul June 27, 2011. REUTERS/Jo Yong-Hak/File Photo Futures strengthened in post-settlement trade after American Petroleum Institute estimates of U.S. crude inventories fell more than expected, according to traders. Brent crude futures settled at $68.88 a barrel, up$1.32, or 1.95 percent. The global benchmark continued to rise after the API data was issued, and was trading $1.80 at $69.36 a barrel by 4:40 p.m. ET. (2040 GMT)

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Oil climbs nearly 2% as travel seen rising | Hellenic Shipping News Worldwide

Oil climbs nearly 2% as travel seen rising Oil prices rose on Tuesday after more U.S. states eased lockdowns and the European Union sought to attract travellers, though soaring COVID-19 cases in India capped gains. Brent crude futures settled at $68.88 a barrel, up$1.32, or 1.95 percent. U.S. West Texas Intermediate (WTI) crude futures rose by $1.20, or 1.86%, to settle at $65.69 after a 1.4% jump on Monday. “Markets were optimistic coming into the day, boosted by flight movement between U.S. and Europe,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. Demand for diesel fuel, including jet, has suffered during the pandemic, weighing down global oil markets.

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WTI inches higher in easing of lockdowns

May 4, 2021 22:21 GMTFXStreet News Lockdowns continue to ease and oil demand is on the up. Bulls are looking to a run towards the $70 handle. Oil prices were on the bid on Tuesday, buoyed as more US states eased lockdowns and the European Union sought to attract more travellers, which would help offset weakened fuel demand in India as COVID-19 cases soar. At the time of writing, WTI is trading at $65.73 travelling between a low of $64.32 and a high of $65.82. The price is up almost 2% at the time of writing. US West Texas Intermediate futures also rose 14 cents, or 0.2%, to $64.63 a barrel, after gaining 1.4% on Monday.

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Oil rises on U S and European demand growth optimism

Oil rises on U S and European demand growth optimism
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Oil rises on US, Europe demand growth optimism

Oil rises on US, Europe demand growth optimism
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