Oil prices rise on stronger economic outlook, US stockpile draw By Reuters – Investing.com

SourceInvesting.com
SectorEconomy
CountryGulf

© Reuters. Views of Total Grandpuits oil refinery By Jessica Jaganathan SINGAPORE (Reuters) - Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world's biggest fuel consumer, fell. futures for June rose by 34 cents, or 0.5%, to $63.08 a barrel by 0123 GMT while U.S. West Texas Intermediate crude for May was up 32 cents, or 0.5%, to $59.65.

"Optimism on the global economic outlook boosted sentiment in the crude oil market," analysts from ANZ bank wrote in a note on Wednesday. Prices were buoyed as data on Tuesday showed U.S. job openings rose to a two-year high in February while hiring picked up. This followed earlier data showing U.S. services activity touching a record high in March and China's service sector showing the sharpest increase in sales in three months. The International Monetary Fund said ...read more...