Oil prices rose during Tuesday's trading session, as the Chinese market resumed activity following an official holiday that began on May 1st. This comes after both benchmark crude indices recorded their lowest settlement since February 2021 yesterday.
Futures prices for Brent crude, July delivery, increased by 1.6%, or 96 cents, to reach $61.19 per barrel as of 08:04 a.m. Mecca time.
Meanwhile, U.S. West Texas Intermediate (WTI) crude futures for June delivery rose by 1.6%, or 92 cents, to $58.05 per barrel.
Economic data released on Monday showed growth in the U.S. services sector. The Institute for Supply Management (ISM) reported that the Services Purchasing Managers’ Index (PMI) rose to 51.6 in April, up from 50.8 in March, contrary to expectations of a decline to 50.2.
Markets are now awaiting the American Petroleum Institute’s (API) report on U.S. oil inventories, due later today, ahead of the official data release from the U.S. Energy Information Administration (EIA) on Wednesday
