empty
 
 

2021.04.1319:41:00UTC+00Oil Futures Settle Higher On Demand Hopes

Crude oil prices moved higher on Tuesday, lifted by an upward revision in energy demand forecast by the Organization of the Petroleum Exporting Countries (OPEC).

Data showing a surge in Chinese imports contributed as well to oil's uptick.

West Texas Intermediate Crude oil futures for May ended higher by $0.48 or about 0.8% at $60.18 a barrel.

The OPEC today raised its demand forecast by 190,000 barrels a day from its March estimate. The group said in its monthly report that it expects consumption to average 96.46 million barrels a day this year, citing economic stimulus programs and a further easing of lockdown measures.

Data out of China showed oil imports to that country rose as much as 21% in March, compared to the same month last year.

Meanwhile, investors look ahead to weekly crude inventory reports from the American Petroleum Institute (API) and Energy Information Administration (EIA). The API's report is later today, while the EIA will release its data Wednesday morning.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback