Crude oil prices climbed on Thursday as vaccine rollouts bolstered the economic outlook and U.S. fuel stocks fell sharply, although gains were capped by a surge in crude oil inventories after last month’s Texas storm, Reuters reports. Brent crude oil futures for May added 55 US cents, or 0.8 percent, at US$68.45 a barrel by 0328 GMT, while U.S. West Texas Intermediate crude for April was up by 52 US cents, or 0.8 percent, at US$64.96. “Gasoline stocks fell... (which) provided the bullish offset and eventually sent oil prices higher on the strong demand for end products, hence an economic recovery,” said Stephen Innes, Chief Global Markets Strategist at Axi.

Source: The Standard March 11, 2021 05:37 UTC