Oil rises over 1% as demand hopes bolster sentiment
Published : Tuesday, 4 May, 2021 at 5:02 PM Count : 264
Oil rose more than 1% on Monday as China's economic data and the U.S. vaccination rate signaled a strong return to demand from the world's two largest economies.
Investors are wary of the record-breaking transmission rate in India, the world's third-largest fuel importer with higher OPEC + oil supplies.
Brent crude rose 80 cents, or 1.2%, to settle at $67.56 a barrel. U.S. West Texas Intermediate rose 91 cents, or 1.4%, to settle at $64.49 a barrel.
The United States and China, the world's top two oil consumers, are expected to drive demand recovery from the coronavirus pandemic.