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.

Market Recovery Fuels Optimism

Investors are closely monitoring the situation, especially after the Dow Jones Industrial Average made a remarkable comeback, surging over 1,000 points. This rebound has injected a dose of optimism into the market, influencing oil prices positively.

OPEC+ Report Influences Market

The market is also reacting to the latest OPEC+ report, which revealed a production decline of 37,000 barrels per day in March. This development is playing a crucial role in the current pricing dynamics of crude oil.

Current Oil Prices

As of 1:57 pm ET, West Texas Intermediate (WTI) for June deliveries saw a 2.63% increase, trading at $64.01 per barrel. Similarly, Brent crude for the same month advanced by 2.22%, reaching $67.74 per barrel.