empty
 
 

2021.04.2919:03:00UTC+00Oil Futures Settle Sharply Higher

Crude oil prices moved higher on Thursday amid slight optimism about outlook for energy demand despite concerns about a resurgence in coronavirus cases in Asian countries, especially India.

A drop in U.S. petroleum product supplies, signs of stronger demand for oil in the U.S. and some other big countries amid improved outlook for Covid vaccinations supported oil prices.

West Texas Intermediate Crude oil futures for June ended up by $1.15 or about 1.8% at $65.01 a barrel.

Brent crude futures were up $1.33 or about 2% at $68.11 a barrel a little while ago.

Investment bank Goldman Sachs expects global oil demand to realize the biggest jump ever over the next six months as vaccination rates accelerate.

Citi analysts expect vaccination campaigns in North America and Europe to boost oil demand to a record high of 101.5 million barrels per day (bpd) over the northern hemisphere summer months. However, they are of the view that rising COVID-19 cases in Brazil and India could hit local demand if stricter lockdowns are reimposed.

  • 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 $9000 more!
    In May we raffle $9000 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