empty
 
 

2021.05.1719:17:00UTC+00Oil Futures Rise Again, Settle At Over 2-year High

Crude oil prices rose fairly sharply on Monday on hopes energy demand will pick up soon as the U.S. and European economies are showing signs of a quick recovery from the pandemic.

Reports that the U.K. will be relaxing some social restrictions supported oil prices. With climbing vaccinations and dwindling virus cases in the U.S., investors expect increased demand for gasoline in the world's largest economy in the coming weeks.

West Texas Intermediate Crude oil futures for June ended up by $0.90 or about 1.4% at $66.27 a barrel, the highest close since April 23, 2019. WTI futures ended up by $1.55 or about 2.4% at $65.37 a barrel on Friday.

Brent crude futures were up $0.79 or 1.15% at 69.50 a barrel a little while ago.

France and Spain have reportedly relaxed COVID-related restrictions. Travel restrictions have been relaxed in Netherlands and Portugal as well.

However, the surge in coronavirus cases in Asian countries weighed a bit and limited oil's uptick. India, Japan and Singapore are extending restrictions at several places to curb the spread of the infection.

Traders were also tracking news from the Middle East, where Israel and Gaza's ruling Hamas militant group faced mounting international calls for a ceasefire in hostilities that entered their second week with no end in sight.

  • 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