Oil extends gains on optimism over U.S., European reopenings

Oil extends gains on optimism over U.S., European reopenings
# 18 May 2021 07:10 (UTC +04:00)

Oil prices climbed on Tuesday, extending gains from the previous day, as optimism over the reopenings of the U.S. and European economies outweighed fears of slower fuel demand in Asia due to surging COVID-19 cases and a new wave of restrictions, APA reports quoting Reuters.

Brent crude oil futures were up 20 cents, or 0.3%, at $69.66 a barrel by 0231 GMT, while West Texas Intermediate (WTI) was up 19 cents, or 0.3%, at $66.46 a barrel.

Both contracts rose more than 1% on Monday.

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