Oil prices rise on prospective US fuel demand
- 12 Apr 2021
Gulf Today Report
Oil prices surged on Monday on the likelihood of fuel demand increasing in the US as consumers prepare for summer driving season and COVID-19 vaccination roll out picks up pace.
Brent was up 2 cents at $62.97 a barrel by 05:10 GMT while US crude gained 1 cent to $59.49 a barrel, after rising as much as 46 cents earlier.
According to Schork Report, "at the moment, the market lacks direction," investors await a breakout of the current range.
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