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  • Writer's pictureanalysiswatch

Oil Dips but U.S., Europe Demand Growth Optimism Keep Prices Support

Oil costs dipped on Tuesday, reversing profits in advance the consultation after extra U.S. states eased lockdowns and the European Union sought to draw travelers, assisting to offset issues over gasoline call for in India as COVID-19 instances soar.

  • Brent crude futures fell 7 cents, or 0.1%, to $67.49 a barrel at 0619 GMT, after mountaineering 1.2% on Monday.

  • U.S. West Texas Intermediate (WTI) crude futures additionally ticked 6 cents, or 0.1%, decrease to $64.43 a barrel, after gaining 1.4% on Monday.

Prices are being supported with the aid of using the possibility of a pick-up in gasoline call for the United States and Europe, as New York state, New Jersey and Connecticut had been set to ease pandemic curbs and the European Union deliberate to divulge heart's contents to extra overseas site visitors who've been vaccinated

For in addition symptoms of growing U.S. oil call for, traders may be looking for reviews on crude and product stockpiles from the American Petroleum Institute on Tuesday and the U.S. Energy Information Administration on Wednesday.

A weaker greenback, hit with the aid of using a surprising slowdown in U.S. production growth, additionally helped shore up oil costs on Tuesday. The decrease greenback makes oil extra appealing to customers conserving different currencies.

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