WTI Crude Spikes Well Above $65 Mark On Strong US Demand Outlook

WTI Crude Spikes Well Above $65 Mark On Strong US Demand Outlook

May 04, 2021 05:05 IST capital market

The WTI Crude oil futures saw an excellent upmove today, hitting near $66 per barrel to approach around seven week high as supportive equities and strong US demand outlook boosted the commodity. WTI Crude oil futures are currently trading at $65.71 per barrel, up around 2% on the day. MCX Crude jumped 1.82% to Rs 4870 per barrel. In an important update yesterday, the New York Governor Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City later this month. The US stocks were mostly supported yesterday. The S&P 500 and the Dow indexes ended higher on Monday amid a largely upbeat earnings season, while the Nasdaq came under some pressure.

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