Oil prices rise on economic outlook, drawdown in fuel stocks | Reuters
Crude oil prices rose on Thursday as vaccine rollouts bolstered the economic outlook and U.S. fuel stocks fell sharply, although gains were capped by a surge in crude oil inventories after last month’s Texas storm.
Brent crude oil futures for May rose 20 cents, or 0.3%, to $68.10 a barrel by 0752 GMT, while U.S. West Texas Intermediate crude for April was up 21 cents, or 0.3%, at $64.65.
“Gasoline stocks fell... (which) provided the bullish offset and eventually sent oil prices higher on the strong demand for end products, hence an economic recovery,” said Stephen Innes, Chief Global Markets Strategist at Axi.
No comments:
Post a Comment