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Crude Oil Rises on Positive Demand Outlook

Crude Oil Rises on Positive Demand Outlook

Oil is trading higher on international markets, driven by a more positive outlook for demand, especially in the world’s largest economies.

In New York, West Texas Intermediate (WTI) is up 0.38% to $66.34 while in London, Brent is up 0.67% to $69.12.

A report from the American Petroleum Institute shows that U.S. crude reserves declined last week, signaling an increase in consumption at a time when Americans are gradually returning to normalcy.

The acceleration of vaccination programs and the easing of restrictions on activity and circulation in the United States, Europe and China thus continue to give gas to the black gold, which has already added more than 35% this year.

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