This Week's Rise Makes The Second Gain For Oil Prices - Kakiforex.com - Financial Market Media No. 1 in the World This Week's Rise Makes The Second Gain For Oil Prices This Week's Rise Makes The Second Gain For Oil Prices
InstaForex

May 7, 2021

This Week's Rise Makes The Second Gain For Oil Prices

 Black commodities headed for the second consecutive weekly gain after gaining support from market optimism over rising global fuel demand.


Entering the European session, US WTI futures traded steady around $ 65 a barrel, while Brent crude was positive at $ 68 a barrel.


Positive news about the United States and Europe easing movement restrictions has supported price movements this week.



Expectations for an increase in global demand continued to rise as the market was shown by economic data readings showing encouraging growth in the major crude oil consuming countries, namely the US and China.


In China, export growth picked up in April while the services sector continued to expand, pushing expectations of a slowdown in growth in the world’s second -largest economy.


In addition, optimism was also supported by the reading of crude oil supply reports issued by the Energy Information Administration (EIA) and the American Petroleum Institute (API) which showed a significant decline.


This indicates that crude oil demand in the US is recovering as most economic activity has resumed.