Oil prices rise on expected economic recovery, likely drawdown in oil stocks

Oil prices rise on expected economic recovery, likely drawdown in oil stocks
  • Clock-gray 08:09
  • calendar-gray 09 March 2021

Oil prices rose on Tuesday on expectations of a recovery in the global economy after U.S. Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States, APA reports quoting Reuters.

But a stronger dollar and receding fears of oil supply disruption from Saudi Arabia after an attack on its oil facilities capped price gains.

Brent crude futures for May rose by 32 cents, or 0.5%, to $68.56 a barrel by 0125 GMT, while U.S. West Texas Intermediate (WTI) crude for April rose 19 cents, or 0.3%, to $65.24.

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