Oil prices rose on Tuesday on expectations that inventories in the U.S., the world's biggest crude consumer, are expected to fall and on signs that demand in emerging markets remains healthy.
as regional central banks are expected to keep their interest rates steady.in India, the world's third-biggest oil consumer, in March also supported prices. Last month, fuel consumption jumped by 5% from a year earlier to a record 4.83 million barrels per day. The country continues to be the main destination for Russian Urals crude amid the resorting of global oilBrent crude rose 57 cents, or 0.68%, to $84.75 a barrel at 0425 GMT, while U.S. West Texas Intermediate gained 60 cents, or 0.
Oil futures have climbed more than 5% since the Organization of the Petroleum Exporting Countries and allies including Russia surprised the market last week with a new round ofOn the U.S. supply front, industry data on U.S. crude stockpiles is due on Tuesday. Five analysts polled by Reuters estimated on average that crude inventories fell by about 1.3 million barrels in the week to April 7.
Rate hike expectations boosted the U.S. dollar index on Monday and Tuesday, which weighed on oil prices as dollar strength makes oil more expensive for other currency holders.to be released on Wednesday could help investors gauge the near-term trajectory for interest rates.hit the slowest pace since September 2021 suggesting demand weakness persists amid an uneven economic recovery.Our Standards:A New-York-based correspondent covering the U.S.
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