Oil prices gain on strong economic data
- 06 Apr 2021
Gulf Today Report
Oil prices surged on Tuesday following robust economic data from the United States and prospects of good recovery in China.
Brent crude futures rose 38 cents, or 0.61%, to $62.53 a barrel at 05:07 GMT while US West Texas Intermediate (WTI) crude futures rose 34 cents, or 0.58%, to $58.99 barrel, after sliding 4.6% on Monday.
According to DailyFX strategist Margaret Yang, the US data "underscored growth momentum in the world's largest economy, brightening the energy demand outlook."
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In China, the service sector rebounded, as firms hired more workers and business optimism increases, according to data. Also, England is working towards reopening by April 12.
Those helped offset worries about the agreement last week by the Organization of the Petroleum Exporting Countries (OPEC) and allies, OPEC+, to bring back 350,000 barrels per day (bpd) of supply in May, another 350,000 bpd in June and a further 400,000 bpd or so in July.
