File photo taken on March 12, 2019 shows operating oil pumps in Luling of Texas, the United States. U.S. oil prices turned negative on April 20, 2020. West Texas Intermediate crude for May delivery shed more than 300 percent to settle at -37.63 U.S. dollars per barrel on the New York Mercantile Exchange. (Xinhua/Wang Ying)
File photo taken on March 12, 2019 shows operating oil pumps in Luling of Texas, the United States. U.S. oil prices turned negative on April 20, 2020. West Texas Intermediate crude for May delivery shed more than 300 percent to settle at -37.63 U.S. dollars per barrel on the New York Mercantile Exchange. (Xinhua/Wang Ying)

Crude oil prices moved higher on Tuesday, extending gains from the previous session, amid continued optimism about increased demand for fuel in the US and parts of Europe during the northern hemisphere summer.

Traders bet on hopes that relaxations in restrictions on movements in the US with the coronavirus pandemic easing will help lift oil demand.

However, the surge in coronavirus cases in Asia, especially in India and Japan, has raised concerns energy demand from this region will drop amid the rising possibility of shutdowns.

West Texas Intermediate Crude oil futures for June ended higher by 1.20 dollars or about 1.9 per cent at 65.69 dollars a barrel. Brent crude futures were up 1.28 dollars or 1.9 per cent at 68.84 dollars a barrel a little while ago.

EU officials on Monday proposed easing restrictions on visiting the 27-nation bloc as vaccination campaigns across the continent gather speed.

Media reports suggest that Britain will announce the green list for countries that people can travel to on holiday shortly.

In the US, New York State, New Jersey and Connecticut will ease most of their pandemic curbs on businesses, including retail stores, food services and gyms, beginning on May 19, the governors of the three states said.

Federal Reserve Chairman Jerome Powell said that U.S. economic outlook has clearly brightened amid faster vaccination rates and fiscal stimulus.

Traders were also looking ahead to weekly oil reports. The American Petroleum Institute will release its report later, while the Energy Information Administration will release its weekly inventory data Wednesday.

Disclaimer: News Ghana is not responsible for the reportage or opinions of contributors published on the website.

Send your news stories to [email protected] and via WhatsApp on +1-508-812-0505 

For Latest Updates Follow us on Google News
Previous articleGold futures settle lower as dollar rises
Next articleMajor European markets close weak

LEAVE A REPLY

Please enter your comment!
Please enter your name here