SULAIMANI (ESTA) — Oil prices rose on Thursday after a two-day slump, reflecting the world’s mixed economic recovery from the pandemic, with U.S. demand expected to keep rising.
Brent crude was up 22 cents to $66.88 a barrel by 0700 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 34 cents to $63.70 per barrel.
“U.S. gasoline demand is holding up well ahead of the driving season,” ANZ Research said in a note, according to Reuters. “U.S. airport footfalls increased to 1.85 million, boding well for jet fuel demand.”
Reuters reported that U.S. inventories in the United States rose by 1.3 million barrels last week.
Gasoline stocks, however, were down by 2 million barrels, compared with predictions of an 886,000-barrel fall. Gasoline product supplied, a measure of demand, rose 5% to 9.2 million barrels per day.
ANZ said still India’s falling fuel “is likely to worsen in May due to movement restrictions,” Reuters said.
Almost two-thirds of people tested in Indian show exposure to the coronavirus, suggesting a spiraling spread of the virus as the daily death toll rose to a record 4,529.
The decline in prices this week was given added impetus on Wednesday after media reports said the U.S. and Iran have made progress in talks over Tehran’s nuclear programme that could result in sanctions being lifted and more supply coming to the market.
