Oil prices rise on prospective US fuel demand

The nation press services
2021-04-12 | Since 1 Month

Oil prices surged on Monday on the likelihood of fuel demand increasing in the US as consumers prepare for summer driving season and COVID-19 vaccination roll out picks up pace.

Brent was up 2 cents at $62.97 a barrel by 05:10 GMT while US crude gained 1 cent to $59.49 a barrel, after rising as much as 46 cents earlier.

According to Schork Report, "at the moment, the market lacks direction," investors await a breakout of the current range.

The mix in data of coronavirus cases and vaccinations across the world is likely to affect the revival of global travel, according to analysts.

On the production side, no new oil drilling rigs were started in the United States in the most recent week, according to a widely watched report published by Baker Hughes.

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