Oil gains 1% on strong U.S., China economic data
Strong economic data from China and the United States helped lift oil prices by 1% on Tuesday, recouping some of the previous session’s losses.
Brent rose 59 cents, or 1%, to settle at $62.74 a barrel. U.S. West Texas Intermediate (WTI) crude rose 68 cents, or 1.2%, to settle at $59.33 a barrel.
Prices were buoyed as data showed U.S. services activity touched a record high in March. China’s service sector also gathered steam with the sharpest increase in sales in three months.
In addition, England is set to ease more coronavirus restrictions on April 12, allowing businesses including all shops, gyms, hair salons and outdoor hospitality venues to reopen.
The market is recovering from steep losses on Monday, when both oil benchmarks fell by about $3 because of increasing OPEC+ oil supply and rising COVID-19 infections in India and parts of Europe.
Reference: Reuters
Thai
Eng