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Oil prices climb as China, U.S. economic data lift markets

by capitalizefinancial
May 7, 2021
in Markets
0
Oil prices climb as China, U.S. economic data lift markets

Oil prices recovered after a 1% dip in the previous session on buoyant economic data from China and the United States, even as the surging COVID-19 pandemic in India capped prices.

Brent crude futures for July were at $68.40 a barrel by 0616 GMT, up 31 cents, or 0.5%, while U.S. West Texas Intermediate (WTI) crude for June rose 29 cents, or 0.5%, to $65.

Both Brent and WTI are on track for a second weekly gain as easing restrictions on movement in the United States and Europe, recovering factory operations and coronavirus vaccinations pave the way for a revival in fuel demand, while pent-up summer travel is likely to give gasoline and jet fuel consumption a further boost.

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