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Oil surged amid optimism about global demand growth

4 May 2021 11:33 AM

Oil prices rose today, after the United States eased further lockdowns and the European Union sought to lure travelers, helping to allay concerns about fuel demand in India as cases of coronavirus rose.

US crude rose to $ 65.30 a barrel, its highest level since April 29 and March 17, while Brent crude rose to $ 68.35 a barrel, its highest level since March 17th.

That price support came as a result of a possible increase in fuel demand in the United States and Europe, as the states of New York, New Jersey and Connecticut set to ease restrictions on the epidemic and the European Union's plans to open up to more foreign visitors who have been vaccinated.

For more signs of rising oil demand in the US, traders will be watching reports on crude oil inventories from the American Petroleum Institute today and the US Energy Information Administration on Wednesday.

The weakening dollar, hit by an unexpected slowdown in US manufacturing growth, also helped support oil prices on Tuesday. Weaker dollar makes oil.

In India, the total number of infections so far has risen to just under 20 million, driven by the twelfth consecutive day of more than 300K new cases, which are expected to hurt fuel demand in the world's most populous country after China.

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