Oil rises on robust EU data

Singapore, Apr. 23 (BNA): Oil prices gained on Tuesday after stronger economic data out of Europe.

 

Global benchmark Brent Crude Oil futures traded 80 cents or 0.9% higher at $87.80 a barrel by 08:47 GMT, while U.S. West Texas Intermediate crude futures also gained 71 cents or 0.9% to $82.61 a barrel, Reuters reported.

 

Data showed that overall business activity in the eurozone expanded at its fastest pace in nearly a year this month, led by a buoyant recovery in the bloc’s dominant service industry.

 

Britain’s blue-chip FTSE 100 index hit a record high on Tuesday.

 

Investors are waiting for the release of the U.S. gross domestic product figures and the March personal consumption expenditure data – the Fed’s preferred inflation gauge – later this week to assess the trajectory of monetary policy.

 

U.S. crude oil inventories are expected to have increased last week while refined product stockpiles likely fell, according to a preliminary Reuters poll of analysts.

 

 

AE







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