Lack of momentum to push back above the 50-Day SMA ($60.69) may generate range bound prices in oil even as OPEC upgrades the outlook for global demand.
OPEC slightly upgrades forecast for world oil demand growth in 2021 to 6Mbd uniindia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from uniindia.com Daily Mail and Mail on Sunday newspapers.
OPEC sees increased demand for refined products naturalgasworld.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naturalgasworld.com Daily Mail and Mail on Sunday newspapers.
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NEW YORK (Reuters) -Oil prices settled higher Tuesday on strong Chinese import data, but the rally was capped by concerns that pauses on the Johnson & Johnson vaccine could delay economic recovery and limit oil demand growth.
FILE PHOTO: A crude oil tanker is seen at Qingdao Port, Shandong province, China, April 21, 2019. REUTERS/Jason Lee/File Photo
Brent crude oil futures settled up 39 cents, or 0.6%, at $63.67 a barrel, while U.S. crude oil futures gained 48 cents, or 0.8%, to $60.18 a barrel. Both contracts have recorded changes of less than 1% for five straight sessions.
“We’ve been trading in a range, and need clear demand data and direction on U.S. inventories to break out of this trough,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.