Oil prices rose on Wednesday after hitting their highest in about a year in the previous session, boosted by an unexpected draw in US crude and gasoline stocks, fuelling demand recovery hopes as OPEC+ forecasts the market will be in deficit in 2021. Market sentiment was also bolstered by news that Democrats in the US Congress took the first steps toward advancing President Joe Biden’s proposed $1.9 trillion coronavirus aid plan without Republican support. US West Texas Intermediate (WTI) crude futures climbed 39 cents, or 0.71%, to $55.15 a barrel at 0744 GMT, for a third straight day of gains. The benchmark hit a one-year high of $55.26 on Tuesday. Brent crude futures rose 47 cents, or 0.82%, to $57.93 a barrel, for a fourth day of gains after hitting $58.05 on Tuesday, the highest since January last year. “A swing in sentiment back to US stimulus and the global recovery, continued cold weather in the US and Northern Asia, plus a massive fall in US API Crude Inventories … saw oil prices explode higher,” Jeffrey Halley, senior market analyst at OANDA wrote in a note.
Some habits die hard. After enjoying a game-changing role in Pakistani politics for decades on…
More than one news cycle has passed after a strange cabinet appointment notification hit the…
Has the UN succeeded in its primary objective of maintaining international peace and security in…
Pakistan has availed of 23 IMF programs since 1958, but due to internal and external…
April 23rd is a symbolic date in world literature. It is the date on which…
Leave a Comment