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Oil rises as US stockpiles may drop, demand signs stay strong

11 April 2023 09:19 (UTC +04:00)

Oil prices rose on Tuesday on expectations that inventories in the U.S., the world's biggest crude consumer, are expected to fall and on signs that demand in emerging markets remains healthy, APA reports citing Reuters.

Crude futures likely received a boost from gains in Asian equity markets as regional central banks are expected to keep their interest rates steady.

Signs of strong fuel demand in India, the world's third-biggest oil consumer, in March also supported prices. Last month, fuel consumption jumped by 5% from a year earlier to a record 4.83 million barrels per day.

Brent crude rose 57 cents, or 0.68%, to $84.75 a barrel at 0425 GMT, while U.S. West Texas Intermediate gained 60 cents, or 0.75%, to $80.34.

Oil futures have climbed more than 5% since the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia surprised the market last week with a new round of production cuts starting in May.