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Oil Approaches Demand Growth Outlook in US and Europe

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Oil pumping jacks, also known as head donkeys, at an oil field of Rosneft Oil Co. near the village of Sokolovka, in the Republic of Udmurtia, Russia on Friday, November 20, 2020.

Andrey Rudakov | Bloomberg | Getty Images

Oil prices added to Tuesday’s overnight gains, supported as more US states eased lockdowns and the European Union sought to attract more travelers, which would help offset the weakening of the demand for fuel in India as COVID-19 cases skyrocket.

Brent futures were up 14 cents, or 0.2%, to $ 67.70 a barrel at 1:50 a.m. GMT, after climbing 1.2% on Monday.

U.S. West Texas Intermediate (WTI) crude futures also rose 14 cents, or 0.2%, to $ 64.63 a barrel, after gaining 1.4% on Monday.

Prices are supported by the prospect of a recovery in fuel demand in the United States and Europe, as New York State, New Jersey and Connecticut stood ready to ease the brakes on the pandemic and the European Union planned to open up to more foreign visitors who have been vaccinated, analysts said.

“This should boost vacation travel to coastal regions, as well as mobility in major cities,” analysts from ANZ Research said in a note.

For other signs of rising demand for oil in the United States, traders will watch for crude and commodity inventory reports from the American Petroleum Institute on Tuesday and the US Energy Information Administration on Wednesday.

Five analysts polled by Reuters estimated on average that U.S. crude inventories fell 2.2 million barrels in the week ending April 30. Oil inventories have risen over the previous two weeks.

Refinery utilization rate is expected to have increased 0.5 percentage points last week, from 85.4% of total capacity in the week ended April 23, according to the poll.

A weaker dollar, hit by an unexpected slowdown in US manufacturing growth, also helped support oil prices on Tuesday. The falling dollar makes oil more attractive to buyers holding other currencies.

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