Reuters
Oil rose on Tuesday as the slowdown in new coronavirus cases raised hopes that the product’s order will resume.
West Texas Intermediate crude rose 2.4 percent to $42.94 a barrel, while foreign-reference Brent crude earned nearly 2% to $45.78 a barrel at intraday highs on Tuesday.
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Oil struggled to survive amid the coronavirus pandemic, which hit demand from the commodity market when a war of value broke out between OPEC and its allies, which overessued on values. As the United States and the world slowly reopen pandemic-related closures, the oil trend has increased.
On Monday, oil was also encouraged after Saudi Aramco’s chief executive, Amin Nasser, said he saw oil demand in Asia return to pre-stay levels as the economy reopened and activity recovered.
Tuesday’s earnings are ahead of a weekly report by the U.S. Energy Information Administration. Analysts expect it to show the third direct decline in U.S. crude inventories. In the coming weeks, OPEC, EIA and the International Energy Agency will also publish monthly reports on the oil market.
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