Oil dips but US, Europe demand growth optimism keep prices supported By Reuters – Investing.com UK

SectorFinancial Markets

© Reuters. FILE PHOTO: Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018.

REUTERS/Nick Oxford

By Roslan Khasawneh and Sonali Paul

SINGAPORE (Reuters) -Oil prices extended gains on Tuesday as more U.S. states eased lockdowns and the European Union sought to attract travellers, helping to offset concerns over fuel demand in India as COVID-19 cases soar.

futures rose 6 cents, or 0.1%, to $67.62 a barrel at 0329 GMT, after climbing 1.2% on Monday.

U.S. West Texas Intermediate (WTI) crude futures also ticked 5 cents, or 0.1% higher, to $64.54 a barrel, after gaining 1.4% on Monday.

“Optimism on improving demand appears to be the main driver for the rise in oil prices at the moment after New York Fed’s Williams (NYSE:) signalled the U.S. economy is poised to grow at its fastest rate in decades,” Ash Glover, head of CMC Markets Alpha, said.

Prices are being supported by the prospect of a pick-up in fuel demand...read more...