Oil prices gain on optimistic economic recovery - GulfToday

Oil prices gain on optimistic economic recovery


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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." 


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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.

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