Expectations of Rising Demand, Strong Oil Prices - Kakiforex.com - Financial Market Media No. 1 in the World Expectations of Rising Demand, Strong Oil Prices Expectations of Rising Demand, Strong Oil Prices
InstaForex

May 4, 2021

Expectations of Rising Demand, Strong Oil Prices

 Black commodities remained traded stable as investors remained optimistic that economic recovery in Europe and the United States would boost global fuel demand.


The European Union (EU) plans to lift restrictions on vaccinated tourists by next summer to attract more tourists.


In addition, the U.S. will also begin easing some restrictions in New York, New Jersey and Connecticut and reopening business activities.



This has helped boost the market's prospects for a recovery in fuel demand as more economic activity is expected to resume.


It also offset market concerns over the surge in coronavirus cases in Asia, especially in India which is becoming increasingly uncontrolled with over 300,000 cases being recorded daily.


In the Asian session, Brent crude futures traded steady around $ 67.45 a barrel after rising 1.2% on Monday.


Meanwhile, US WTI crude futures declined slightly but remained stable at $ 64.38 a barrel, following a 1.4% gain in the previous session.