Oil extended gains on bullish global economic growth forecast
International benchmarks for crude oil ended the trading session on Tuesday, 30 January 2024 with additional gains from the previous day, bolstered by the International Monetary Fund's upward revision
International benchmarks for crude oil ended the trading session on Tuesday, 30 January 2024 with additional gains from the previous day, bolstered by the International Monetary Fund's upward revision for both the US and China's economic growth.
Simultaneously, heightened tensions in the Middle East added momentum to the price surge, effectively mitigating concerns surrounding Chinese demand in the oil market.
Brent crude futures rose 47 cents/barrel to settle at $82.87/barrel.
WTI settled up $1.04/barrel or 1.35%/barrel to close at $77.82/barrel.