Oil gains over 1% on strong U.S., China economic data | Reuters
Strong economic data from China and the United States helped lift oil prices by more than 1% on Tuesday, recouping some of the previous session’s losses.
Brent gained 83 cents, or 1.3%, to $62.98 a barrel by 1:19 p.m. EDT (1719 GMT). U.S. West Texas Intermediate (WTI) crude rose 91 cents, or 1.6%, to $59.56 a barrel.
Prices were buoyed as March data showed U.S. services activity touched a record high. China’s service sector has also gathered steam with the sharpest increase in sales in three months.
In addition, England is set to ease more coronavirus restrictions on April 12, allowing businesses including all shops, gyms, hair salons and outdoor hospitality venues to reopen.
The market is recovering from steep losses on Monday, when both oil price benchmarks fell by about $3 on Monday because of increasing OPEC+ oil supply and rising COVID-19 infections in India and parts of Europe.
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