Oil gains 2% as WH rules out lockdown possibility

Tuesday, 04. August 2020 20:26

Prices of crude turned to gains on Tuesday, jumping over 2% as traders' confidence over oil demand recovery rose after the White House dismissed the possibility of imposing nationwide lockdown in the United States due to a climb in coronavirus cases.

Meanwhile, investors await the private report on US crude stockpiles that is set to be released by the American Petroleum Institute (API) later in the day.

Brent for settlements in October added 1.16% at 2:15 am ET, trading at $44.66 per barrel, while West Texas Intermediate for September delivery strengthened 2.19% at the same time to sell for $41.91 per barrel.

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