Oil prices rose during trading on Tuesday, while concern continues in the markets about the global economy; Because of the Chinese government’s plans to revive its economy, and possible closures to curb the spread of the Corona virus.
And oil prices recorded an increase, on Tuesday, to compensate for part of the losses that it suffered on Monday, according to what was reported by Archyde.com.
And US benchmark West Texas Intermediate crude contracts closed up $3.16, or 3.2 percent, at $101.70 a barrel.
Brent and US crude contracts closed at a loss of four percent on Monday, touching their lowest levels in today’s session of $101.08 and $97.06 a barrel, respectively.
Concern continues among the markets about the global economy, in light of the closure restrictions imposed by China on the city of “Shanghai”.
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The market is awaiting the latest data on US oil and fuel, which will be released by the American Petroleum Institute and the US Energy Information Administration, on Wednesday.
Analysts expected that US crude stocks rose by 2.2 million barrels in the week ending April 22, according to Archyde.com.
The People’s Bank of China said in a statement, Tuesday, that China will keep reasonably abundant liquidity in financial markets, one day after the central bank announced a reduction in the foreign exchange reserve ratio in banks to support the economy.
While market sources confirmed, quoting figures from the American Petroleum Institute, on Tuesday, that oil stocks in the United States increased last week, while gasoline stocks decreased.
Crude stocks rose by 4.8 million barrels during the week ending April 22, while gasoline stocks fell by 3.9 million barrels, according to the same sources.