Global oil prices rose slightly on April 12 morning in the absence of factors that could seriously affect their dynamics, according to trading data, Report informs.
As of 9:00 (GMT+4) June futures for North Sea Brent oil blend grew by 0.08 percent, to $63, and May futures for WTI oil rose by 0.03 percent, to $59.34 per barrel.
On the one hand, in the previous days, investor uncertainty about the future demand for oil in Asia was resumed due to a sharp increase in coronavirus incidence. The situation is still most challenging in India, which has reported over 13 million cases of COVID throughout the pandemic. It prompted new socioeconomic restrictions imposed by the country's government.
At the same time, oil prices aren’t falling, since there is an idea of a "victory" over the coronavirus by accelerating the pace of vaccination.
“While rising virus cases will have an impact, the vaccination drive is progressing really well,” said Howie Lee, an economist at Oversea-Chinese Banking Corp. in Singapore. “I think markets will overlook the short-term weakness and focus on the longer-term. Demand will go up for sure.”