Oil rises, “rises and falls” on positive signs of US economic recovery By Investing.com


© Reuters.

By Gina Lee Investing.com – Crude oil rose to its highest levels of the year on Friday morning in Asia, ending the week on a strong note on producers’ commitment to continue supply cuts and positive signs of growth. US economic recovery rose 0.41% to $ 59.24 at 11:02 PM ET (4:02 AM GMT) and rose 0.73% to $ 56.64. The hope that a $ 1.9 trillion stimulus package proposed by US President Joe Biden in January will be approved soon, as well as stronger-than-expected US product orders in December, also boosted investor sentiment. “The discipline of the Organization of the Petroleum Exporting Countries and its allies, or OPEC +, has been really positive,” CMC Markets chief market strategist Michael McCarthy told Reuters. He was referring to the cartel’s decision to continue supply cuts that have helped reduce global crude reserves. “And then when we have signs of better economic growth, it rises and falls (for prices),” McCarthy added. Chinese demand for crude oil is also driving the market, and industry monitoring indicates that two North Sea oil tankers “When demand drives commodity prices, it has a more bullish impact and leaves a more reflective lasting on price action, “Axi global market strategist Stephen Innes told Reuters.

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