Oil Price Rises on Change in Global Outlook LONDON—Oil prices are pushing close to $37 a barrel on Tuesday after a sea-change in global outlook on supply fundamentals.
The global benchmark, Brent, is trading up 0.33% at $36.69 a barrel for May deliveries, while its U.S. counterpart, West Texas Intermediate, is up by 0.95% at $34.06 a barrel for deliveries in April.
The price rise could mark an important psychological shift in the market. Brent has been trading in a $32-$36 range in recent weeks and several traders said that transgressing the $36 ceiling could signal the end of the more volatile trading that has dominated the market recently.
Crude stocks are also dipping, which traders hope may show that the era of massive oversupply is coming to an end, but any price gains are still likely to be narrow unless demand growth picks up faster than expected.
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