Oil prices rose more than 2% on Tuesday, after signs of increased demand for fuel in the United States, despite a sharp increase in Corona injuries.
Brent crude contracts, the global standard, ended trading up $1.59, or 2.3%, at $70.63 a barrel, and US West Texas Intermediate crude contracts rose $1.81, or 2.7%, to end the session at $68.29 a barrel.Average US gasoline consumption is expected to reach 8.8 million barrels per day in 2021, from 8 million barrels per day in 2020.
However, the US Energy Information Administration said gasoline consumption will remain below 2019 levels through the end of 2022 as large numbers of employees continue to work from home.
The market is awaiting the latest weekly data on crude and fuel stocks in the United States, which will be released from the American Petroleum Institute later, and from the Energy Information Administration on Wednesday.
The US Senate on Tuesday approved a $1 trillion infrastructure bill that could be the country’s largest investment in decades in roads, bridges, airports and waterways.
Analysts said that the implementation of the project will boost the economy and demand for oil products.
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