Oil climbs over 1% as demand hopes boost sentiment

04.05.2021 - Evdokimov Roman
Oil climbs over 1% as demand hopes boost sentiment

Oil climbed over 1% on Monday as China’s economic figures and speedy U.S. vaccination rollouts pointed to a strong demand recovery in the world’s two largest economies.

However, investors remain wary over worsening COVID-19 infections in India, along with an increase in OPEC+ oil supply.

Brent crude increased by 1.2%, or 80 cents, at $67.56 per barrel. U.S. West Texas Intermediate was up 1.4%, or 91 cents, at $64.49 per barrel.

China and the United States are expected to drive demand recovery from the pandemic. On Monday, India posted over 300,000 fresh COVID-19 cases for a 12th consecutive day. 

Brent rallied nearly 30% this year, recovering from last year’s historic lows thanks to OPEC supply cuts.

Still, OPEC+ decided to stick to a plan to increase supply from May 1. Production also rose in April, led by a supply increase from Iran. 

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?