Brent crude rises to over $68.5 on demand growth optimism

04/05/2021 Argaam

Oil prices rose more than 1.5% today, May 4, 2021, amid possible demand growth optimism as the European Union (EU) plans to open up to more foreign visitors who have been vaccinated.

 

Prices are being supported by the prospect of a pick-up in fuel demand in Europe and the US, with New York, New Jersey and Connecticut set to ease pandemic curbs.

 

Brent crude futures for July rose by 1.8% to $68.79 a barrel at 1.05 pm Makkah time.

 

US Nymex crude for June increased 1.7% to $65.58 a barrel.

 

The American Petroleum Institute is due to release initial stockpile data for last week later today.

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