Oil prices gain on optimistic economic recovery

Oil prices gain on optimistic economic recovery

Oil prices advanced on Tuesday due to hope for recovery in the global economy following passage of US stimulus and a drawdown in crude oil inventories in the United States. Stephen Innes, chief global markets strategist at Axi said, "fundamentals remain incredibly supportive, especially with Saudi Arabia in full control pursuing a tight oil policy." Crude oil recorded gains on Monday following Houthi forces attack on Saudi oil industry. Meanwhile, investors are keeping an eye on the prospects for global economic recovery. US crude oil and refined product stockpiles likely fell last week, with distillate inventories seen drawing down for fifth straight week. Brent crude was down 33 cents, or 0. 8%, at $42. 82 a barrel by 0645 GMT, while US crude was down 38 cents, or 0. 9%, to $40. 73 a barrel. US West Texas Intermediate (WTI) crude futures were trading up 14 cents, or 0. 4%, at $37. 47 a barrel by around 0629 GMT. Brent crude was 6 cents, or 0. 2%, higher at $39. 89 a barrel. Brent crude rose 85 cents, or 2. 1%, to $41. 38 a barrel by 0645 GMT, while US crude rose 92 cents, or 2. 4%, to $39.