empty
 
 

2021.04.1610:21:00UTC+00Oil Prices Extend Gains For Fifth Day

Oil prices rose for the fifth day running on Friday to hover near four-week highs amid an improved demand outlook.

Brent crude for June settlement rose 27 cents, or 0.4 percent, to $67.21 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 24 cents, or 0.4 percent, at $63.70.

Oil prices remain on course for a weekly gain of more than 6 percent as strong U.S. and Chinese economic data bolstered expectations of a solid global economic rebound.

Bullish EIA inventory report, supply curbs by OPEC and its allies, together called OPEC+, coupled with vaccination efforts that are well underway in the United States and many other developed countries also helped lift demand outlook for crude. The IEA and the Organization of the Petroleum Exporting Countries this week made upward revisions to their global oil demand growth forecasts as countries start to recover from the Covid-19 pandemic.

Geopolitical tensions remained in focus after the Biden administration announced a range of retaliatory measures against Russia on Thursday, including sanctions and diplomatic expulsions, in response to Moscow's alleged election interference, a widespread hacking campaign and other malign activity.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback