[ad_1]
Crude oil traded marginally higher on Thursday as brightening prospects for the Chinese and U.S. economy have helped to keep prices of the critical commodity elevated.
Price action
-
West Texas Intermediate crude for May delivery
CL00,
+0.81% CLK23,
+0.81%
gained 65 cents, or 0.9%, to $73.77 per barrel on the New York Mercantile Exchange. -
May Brent crude
BRN00,
+0.58% BRNK23,
+0.54%
, the global benchmark, gained 64 cents, or 0.9%, to $78.11 per barrel on ICE Futures Europe. -
Back on Nymex, April gasoline
RBJ23,
-0.96%
was down 0.3% at $2.659 per gallon, while April heating oil fell by 0.2% to $2.653. -
May natural gas
NGK23,
-2.61%
fell by 1.6% to $2.149%.
Market drivers
Oil prices may continue to climb if the global economic outlook improves, analysts said.
“So for now, until the US data tolls the recession bell, if broader markets remain in risk-on mode, oil could stay in relief rally mode supported by the same less threatening Fed, a slightly weaker US dollar, and hopes for the China recovery,” said Stephen Innes, managing partner at SPI Asset Management.
[ad_2]
Source link
