The US Senate’s approval of the $ 1.9 trillion incentive bill and a possible decline in crude oil inventories in the United States, the world’s largest fuel consumer, support expectations for a recovery in the global economy.
Oil prices rose on Tuesday. However, the attack on Saudi Arabia’s export facilities who is the world’s largest oil exporter, a stronger dollar and a supply cut limit the price increases.
Brent crude futures for May rose by 53 cents, or 0.8 %, to $68.77 a barrel by 0436 GMT, while West Texas Intermediate (WTI) crude for April rose 44 cents, or 0.7%, to $65.49.
Especially Saudi Arabia, which follows a strictly controlled oil policy, plays its role well. Basic principles and decisions continue to be supportive.
Brent crude oil prices rose above $ 70 on Monday after Houthi forces in Yemen attacked the Saudi oil industry with drones and missiles.
Riyadh said there was no loss of life or property and prices ended the day lower.
The attacks came after OPEC + and its allies agreed last week to adhere to widespread production cuts despite rising crude oil prices.
Meanwhile, the investor continues to focus on the prospect of a global economic recovery.
It is said by US officials that the $ 1.9 trillion coronavirus aid package will provide enough funds to feed a “very strong” US economic recovery. Next is the enactment of the package.
According to a preliminary survey, US crude oil and refined inventories likely fell last week, and distillate inventories fell for the fifth week in a row.
