Oil prices continued to climb early on Tuesday morning, driven higher by stronger-than-expected fuel demand in the United States
Crude oil prices extended the gains made on Monday earlier today, amid expectations of stronger fuel demand in the United States, following news of a robust increase in air travel. Brent crude topped $83 per barrel in midmorning Asian trade today while West Texas Intermediate climbed closer to $79 per barrel as “real-time mobility data indicates oil demand growth is still broadly healthy,” according to UBS commodity analyst Giovanni Staunovo, as quoted by Reuters.
They attributed the expectation on OPEC continued production cuts and the prospect of interest rate cuts in the United States—despite few and hesitant indications that these are on the immediate agenda. Prices also got unexpected help from the world of geopolitics this week. Media on Monday reported that an Egyptian soldier had died during a clash with Israeli forces at the Rafah crossing into Gaza, which sparked suspicions the Middle Eastern conflict may yet escalate.
WTI Brent Travel Demand Gasoline Fuel Jet Fuel OPEC
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