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High oil prices

2021-05-08T17:52:23.614Z

Singapore-SANA Oil prices rose, after dropping 1% in the previous session, with the support of economic data



Singapore - Sana

Oil prices rose after dropping 1 percent in the previous session, supported by positive economic data from China and the United States.

Reuters reported that Brent crude futures for July delivery amounted to $ 68.40 a barrel, up 31 cents, or 0.5 percent, while US West Texas Intermediate crude for June delivery rose 29 cents, or 0.5 percent, to $ 65.

Brent and West Texas Intermediate are heading for their second consecutive weekly gains, as paving the way for a recovery in fuel demand, easing movement restrictions in the United States and Europe, restoring factory activities and vaccination with Coronavirus.

In China, data showed an unexpected acceleration of export growth in April, and a special survey indicated a strong increase in service sector activity.

Source: sena

All business articles on 2021-05-08

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