Oil prices climbed on Tuesday, paring losses from the previous session, as markets broadly rose on growing confidence in a global recovery with ...
Oil prices climbed on Tuesday, paring losses from the previous session, as markets broadly rose on growing confidence in a global recovery with pandemic lockdowns easing.
U.S. West Texas Intermediate crude futures rose 1.3per cent, or 50 cents, to US$38.69 a barrel at 0134 GMT, after dropping by US$1.36 on Monday.Brent crude futures rose 1.4per cent, or 56 cents, to US$41.36 a barrel. The benchmark contract fell US$1.50 on Monday, snapping a seven-day streak of gains.
New York City, the U.S. city hardest hit by the novel coronavirus outbreak, began reopening on Monday after about three months, in a sign that life is returning to pre-outbreak routines that could spur fuel demand to return. "You've got demand recovering gradually but steadily. However there's still massive excess supply, so OPEC and friends need to control barrels coming into the market. But that's tough," said Lachlan Shaw, head of commodity research at National Australia Bank.
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