Oil prices firm as US, Europe growth prospects counter India concerns
SINGAPORE (Reuters) – Oil prices extended gains on Tuesday as more U.S. states eased lockdowns and the European Union sought to attract travellers, helping to offset concerns over fuel demand in India as COVID-19 cases soar.
Brent crude futures rose 6 cents, or 0.1%, to $67.62 a barrel at 0329 GMT, after climbing 1.2% on Monday.
U.S. West Texas Intermediate (WTI) crude futures also ticked 5 cents, or 0.1% higher, to $64.54 a barrel, after gaining 1.4% on Monday.
“Optimism on improving demand appears to be the main driver for the rise in oil prices at the moment after New York Fed’s Williams signalled the U.S. economy is poised to grow at its fastest rate in decades,” Ash Glover, head of CMC Markets Alpha, said.
