Oil price increased: Brent is trading above $63 per barrel

On Tuesday, oil prices are rising amid a slight increase in traders' optimism about the outlook for demand thanks to strong statistics from China, Interfax reports.

The volume of Chinese imports in March jumped by 38.1% compared to the same month last year - the fastest pace since February 2017, according to data from the General Administration of Customs of the PRC. Exports grew by 30.6%.

Oil demand forecasts are unstable, given that the situation with COVID-19 in the world remains uneven: if there is progress in vaccination in Europe, then, for example, a new lockdown was introduced in India due to a sharp increase in the incidence.

The cost of June futures for Brent oil on the London ICE Futures exchange by 8:20 Kyiv time on Tuesday amounted to $63.49 per barrel, which is$ 0.21 (0.33%) higher than the price at the close of the previous session. As a result of trading on Monday, these contracts rose by $0.33 (0.5%) to $63.28 per barrel.

The price of futures for WTI crude oil for May in electronic trading on the New York Mercantile Exchange (NYMEX) by this time reached $59.89 per barrel, which is $0.19 (0.32%) higher than the level at the close of the previous session. On Monday, the value of these contracts increased by $0.38 (0.6%) to $59.7 per barrel.

WTI crude oil has been trading at around $60 a barrel since mid-March, and further price increases are limited by both uncertainty about the outlook for demand and OPEC+ plans to increase production, Bloomberg writes.

Tags: oil, coronavirus, price, petroleum products, economy, COVID‑19 vaccine, Europe, China

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