Oil prices rise on prospective US fuel demand
Picture used for illustrative purpose. File
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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On the production side, no new oil drilling rigs were started in the United States in the most recent week, according to a widely watched report published by Baker Hughes.
