Oil prices climb on favourable outlook for U.S. fuel demand
Monday,
12-Apr-2021
08:42 AM (IST)
Oil rose on Monday amid hopes that fuel demand is picking up in the United States as the summer driving season approaches and the rollout of COVID-19 vaccinations there accelerates, though increasing case numbers in other countries are set to cap gains. Brent was up 25 cents, or 0.4%, at $63.20 a barrel by 0155 GMT. U.S. crude gained 17 cents, or 0.3%, to $59.49 a barrel. Prices have changed little since a period of volatile trading ended with the close of trading last Monday. While the United States has fully vaccinated more than 70 million people, and in Europe new infection numbers are falling as lockdowns take effect, India is reporting record new cases and other parts of Asia are seeing caseloads rise. The U.S. economy is at an “inflection point” amid expectations that growth and hiring will accelerate in the months ahead, but faces the risk of reopening too quickly and sparking a resurgence in coronavirus cases, Federal Reserve Chair Jerome Powell said in an interview broadcast on Sunday.
|