Oil closes higher on demand outlook

Oil drilling rigs

Oil price ended the session on a positive note today, April 24, as investors awaited economic data for clues on demand. However, trading volumes remained low amid noticeable fluctuations.

Data on labor market, inflation and gross domestic product in the United States is expected this week, ahead of the monetary policy meeting scheduled for May 2.

Oil prices witnessed significant losses last week, with signs of shrinking refinery profit margins in Asia, which may push them to reduce operations, Bloomberg reported.

Brent crude futures contracts for June delivery recorded an increase of 1.3%, or $1.07, to reach $82.73 per barrel.

WTI crude for June delivery rose 1.1%, or 89 cents, to $78.76 a barrel.