Oil prices gain on optimistic economic recovery - GulfToday

Oil prices gain on optimistic economic recovery

  • 09 Mar 2021
Crude-Oil-750x450

Picture used for illustrative purpose. File

Gulf Today Report 

Oil prices advanced on Tuesday due to hope for recovery in the global economy following passage of US stimulus and a drawdown in crude oil inventories in the United States.

Brent crude futures for May rose by 53 cents, or 0.8 %, to $68.77 a barrel by 04:36 GMT while US West Texas Intermediate (WTI) crude for April rose 44 cents, or 0.7%, to $65.49.

Stephen Innes, chief global markets strategist at Axi said, "fundamentals remain incredibly supportive, especially with Saudi Arabia in full control pursuing a tight oil policy." 

READ MORE 

Gold prices bounce back as US yields decline

Survey identifies challenges to women-owned businesses in UAE

Tech weighs on stocks as yields ring inflation alarm

Crude oil recorded gains on Monday following Houthi forces attack on Saudi oil industry.

Meanwhile, investors are keeping an eye on the prospects for global economic recovery.

US crude oil and refined product stockpiles likely fell last week, with distillate inventories seen drawing down for  fifth straight week.

Related articles

Oil slips following unexpected increase in US stockpiles

Brent crude futures slipped 18 cents, or 0.4%, to $48.66 a barrel by 0450 GMT, having gained 5 cents the previous day. US West Texas Intermediate (WTI) crude futures dropped 15 cents, or 0.3%, to $45.45, after shedding 16 cents on Tuesday.

09 Dec 2020

Oil prices fall as COVID-19 cases surge

Brent crude futures fell 40 cents, or 0.8%, to $48.39 a barrel at 0455 GMT, while US West Texas Intermediate (WTI) crude futures fell 35 cents or 0.8%, to $45.41 a barrel. Both benchmark contracts lost around 1% on Monday.

08 Dec 2020

Oil contains losses as US President signs aid bill

Brent crude futures declined 25 cents, or 0.5%, to $51.04 a barrel while US West Texas Intermediate (WTI) crude futures slipped 19 cents, or 0.4%, to $48.04 a barrel.

28 Dec 2020

Oil prices fall as US inventory gain

Brent crude futures fell 11 cents, or 0.2%, to $50.65 a barrel at 04:21 GMT, while US West Texas Intermediate (WTI) crude futures fell 9 cents, or 0.2%, to $47.53 a barrel.

16 Dec 2020

Most Popular Stories

Other Articles

UAE, Costa Rica inaugurate new trade, investment era under CEPA

Rodrigo Chaves Robles, President of Costa Rica, received Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, in the Costa Rican capital,

15 hours ago

IMF tells Asian central banks not to follow Fed too closely

The International Monetary Fund urged Asian central banks to focus on domestic inflation and avoid tying their policy decisions too closely to anticipated moves by the U.S. Federal Reserve.

16 hours ago

Aldar Properties partners with Siemens to make Saadiyat Grove

Aldar Properties has announced a partnership with Siemens to make Saadiyat Grove, an integrated mixed-use project under development in the cultural heart of Abu Dhabi,

16 hours ago

Growth of family offices to boost realty growth

Growth of family offices are happening globally. Family with huge funds are relocating to cities where wealth preservation, financial stability

16 hours ago