OIL-Barrel rises as investors expect higher demand in the second half

OIL-Barrel rises as investors expect higher demand in the second half

Read more from Author Ben Oakley here: https://globelivemedia.com/author/ben-oakley/

Oil prices rose on Tuesday as optimism that government stimulus will eventually boost global economic growth and demand outweighed concerns that new lockdowns from the COVID-19 pandemic are cooling fuel consumption.

* March Brent crude futures were up 46 cents to $ 55.21 a barrel at 0916 GMT, after falling 35 cents the previous session.

* West Texas Intermediate crude was up 4 cents at $ 52.40. The contract was not listed on Monday, as the US markets were closed for a holiday. WTI February futures expire on Wednesday.

* Investors are optimistic about demand in China, the world’s top oil importer, following data released Monday that showed production from its refineries rose 3% to a record high in 2020. China also avoided an economic contraction on last year.

* The market is also on the lookout for API industry association oil inventory data, expected Tuesday.

* On Wednesday, US President-elect Joe Biden‘s inaugural address will likely provide details on the $ 1.9 trillion aid package.

Ben Oakley
Ben Oakley is the guy you can really trust when it comes to Mainstream News. Whether it is something happening at the Wall Street of New York City or inside the White House in Washington, D.C., no one can cover mainstream news like Ben. Get a daily dose of Trustworthy News by Ben Oakley, only at Globe Live Media.