Crude Oil Prices on the Rise

Crude oil prices experienced a significant increase on Tuesday, soaring over 2%. This surge is attributed to heightened demand expectations, coinciding with the recovery of major US stock markets from a recent selloff. Investors are also weighing the latest OPEC+ report, which noted a production decline of 37,000 barrels per day in March.

Market Movements

West Texas Intermediate (WTI) for June deliveries saw a notable climb, increasing by 2.63% to $64.01 per barrel by 1:57 pm ET. Similarly, Brent for June settlements advanced by 2.22%, reaching $67.74 per barrel at the same time.