Oil Rises Above $60 as Investors Weigh Near-Term Demand Outlook - Bloomberg

Oil Rises Above $60 as Investors Weigh Near-Term Demand Outlook - Bloomberg

West Texas Intermediate for May settlement added 66 cents to $59.98 at 8:52 a.m. New York time Brent for June settlement rose 1.1% to $63.67 Oil gained, topping $60 a barrel, as investors continued to assess the recovery in consumption globally. Futures in New York rose as the dollar fell, making commodities priced in the U.S. currency more attractive. Federal Reserve Chair Jerome Powell said that the U.S. economy was poised for stronger growth, but he cautioned that the pandemic remains a threat. That’s been highlighted in other regions including parts of Europe, while another wave of infections in India is overwhelming the health system. Yemen’s Houthis said they attacked oil facilities in Saudi Arabia, as the group steps up strikes on the kingdom, a reminder of political tensions in the Middle East. While such attacks have increased this year, they rarely claim lives or cause extensive damage.