Thursday, 06 May 2021 07:13 GMT

Climb witnessed in oil prices amidst market hopefulness, weaker dollar

( MENAFN ) On Tuesday, Apr. 13 oil prices jumped, enhanced by several tailwinds.

Brent crude for delivery of June climbed 39 cents to settle at USD63.67 per barrel on the London ICE Futures Exchange. The West Texas Intermediate for delivery of May rose 48 cents to close at USD60.18 per barrel on the New York Mercantile Exchange.

Eugen Weinberg, energy analyst at Commerzbank Research, stated in a message on Tuesday: "oil prices are holding their own fairly well given the high investor optimism and generally weaker U.S. dollar of late."

He added: "furthermore, hopes of increased demand this year are having a supportive effect."

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.