Oil prices rose on Tuesday, underpinned by signs that demand may improve China and the U.S., the world’s biggest oil consuming nations, and growing concerns of a widening conflict in the Middle East that could affect supply from region.
Brent futures for June delivery rose 58 cents to $88 a barrel by 0641 GMT. U.S. West Texas Intermediate (WTI) crude futures for May rose 58 cents to $84.29 a barrel, after reaching the highest close for a front month contract since Oct. 27 in the previous session.
“The bullish catalysts for oil prices continue to pile up, with stronger-than-expected economic conditions in China and the U.S. offering a more optimistic demand outlook, while geopolitical tensions in the Middle East continue to heat up with the involvement of Iran,” said IG market strategist Yeap Jun Rong in an email.
Wildcat Petroleum plc (LON:WCAT) was incorporated in early 2020, with plans to work and invest in the upstream sector of the petroleum industry – namely exploration, appraisal, development and production of oil and gas.