Atheer – External Sources
Oil prices rose on Tuesday, lifted by healthy economic growth, as well as the ongoing supply curbs.
According to Reuters, spot Brent crude futures LCOc1 were at $69.41 at 0409 GMT, up 38 cents (0.55 percent) from their last close, which was not far off the three-year high of $70.37 per barrel on the 15th of January.
US West Texas Intermediate (WTI) crude futures CLc1 were at $63.99 per barrel, up 42 cents (0.7 percent) from their last settlement. WTI hit its highest since December 2014 on the 16th of January at $64.89 per barrel.
Traders said that oil markets were generally well supported by healthy economic growth.
Over the long term, investors are preparing for large-scale changes in oil demand coming from the rise of electric vehicles.
Bank of America Merrill Lynch said this week that it expects peak oil demand by 2030 on electric vehicles, which will have replaced conventional vehicles by the year 2050.
The bank also said that “when gasoline demand peaks by 2025 (and total oil by 2030), refinery utilisation rates may decline permanently and refining margins suffer heavily.”