Crude oil prices ended slightly higher on Tuesday thanks to a positive indicator for the US economy. The price of a barrel of Brent North Sea crude for delivery in September gained 0.16% to $76.42.
In the meantime, West Texas Intermediate (WTI) for the same month rose 0.18% to $72.33. Prices were boosted by data on Monday showing U.S. service sector activity rebounded in July.
This index ISM reassured investors who had feared a US recession after the release of employment data in the world’s largest economy late last week, information that shook financial markets.
However, Tuesday’s rally “is not a very significant one” for oil, Bjarne said. Schieldrop, Seb analyst, who recalled that on Monday the two global oil references hit six-month lows during the session.
“The big question is whether we are heading towards a recession or not,” particularly in the EU, explained Michael Pearce from Oxford Economics. The markets overreacted. / AFP