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4/6, 4:46 PM (Source: TeleTrader)
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Oil prices up 3% after upbeat economic data, projections

Prices of oil futures rose over 3% on Tuesday after economic data signaled that the world's two largest economies are on the path to recovery from the coronavirus pandemic. United States Bureau of Labor Statistics revealed that job openings in the country rose to better-than-expected 7.4 million in February, while China's services sector activity grew at an accelerated pace in March, according to IHS Markit. Furthermore, the International Monetary Fund (IMF) raised its global GDP growth projection for the current year by 0.5 percentage points to 6%.

Brent for June deliveries was up 2.75%, going for $63.88 per barrel at 10:34 am ET, while West Texas Intermediate (WTI) for settlements in May gained 3.19% to sell for $60.56 per barrel a minute later.

Breaking the News / MS