Oil prices rise on economic outlook, drawdown in fuel stocks

Oil prices rise on economic outlook, drawdown in fuel stocks
  • Clock-gray 07:04
  • calendar-gray 11 March 2021

Crude oil prices rose on Thursday as vaccine rollouts bolstered the economic outlook and U.S. fuel stocks fell sharply, although gains were capped by a surge in crude oil inventories after last month’s Texas storm, APA reports quoting Reuters.

Brent crude oil futures for May rose 40 cents, or 0.6%, to $68.30 a barrel by 0105 GMT, while U.S. West Texas Intermediate crude for April was up 48 cents, or 0.7%, at $64.92.

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