Oil prices surge on hope for economic recovery
- 11 Mar 2021
Gulf Today Report
Oil prices climbed on Thursday as vaccine rollouts strengthen the economic outlook and US fuel stocks decline.
Brent crude oil futures for May rose 55 cents, or 0.8%, to $68.45 a barrel by 03:28 GMT while US West Texas Intermediate crude for April was up 52 cents, or 0.8%, at $64.96.
Stephen Innes, Chief Global Markets Strategist at Axi said "gasoline stocks fell... (which) provided the bullish offset and eventually sent oil prices higher on the strong demand for end products, hence an economic recovery."
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US gasoline stocks dropped by 11.9 million barrels in the previous week according to the Energy Information Administration (EIA).
Crude inventories, however, surged by 13.8 million barrels to 498.4 million barrels in the previous week.