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Oil rises on US, Europe demand growth optimism

Published : Wednesday, 5 May, 2021 at 12:00 AM  Count : 91

May 4: Oil prices rose on Tuesday after more US states eased lockdowns and the European Union sought to attract travellers, helping to offset concerns over fuel demand in India as COVID-19 cases soar.
Brent crude futures were $1.30, or 1.92%, higher at $68.86 a barrel at 0943 GMT, after climbing 1.2% on Monday. U.S. West Texas Intermediate (WTI) crude futures also rose $1.18, or 1.83%, to $65.67 a barrel, after gaining 1.4% on Monday.
Prices are being supported by the prospect of a pick-up in fuel demand in the United States and Europe, as New York state, New Jersey and Connecticut were set to ease pandemic curbs and the European Union planned to open up to more foreign visitors who have been vaccinated, analysts said. "The current strength is led by U.S. gasoline where demand is seen healthy as more motorists take on the roads," Tamas Varga, analyst at PVM Oil Associates, said.
    -Reuters



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