Crude oil futures increased to their top price in four days on Tuesday, pushed by conjecture about economic development and growth prompting demand for fuel, according to Bloomberg.
The U.S. and China, respectively the globe's top and second-biggest consumer of the energy commodity, are projected to demand increased amounts of crude oil. The Asian nation's cabinet opted to award perks for consumers who trade in their used cars to prompt demand in the globe's biggest car market. The U.S. has entered the nation's peak driving time of the year following the passage of Memorial Day.
"The U.S. situation is hopeful, with demand numbers improving lately as we kick off the summer driving season," analyst Andrey Kryuchenkov with VTB Capital in London told Bloomberg. "But at the same time inventories are high, so we'd really need refinery runs to hold up early summer to work through the excess crude."
At 7:59 a.m. on Tuesday, crude oil futures slipped 0.1 percent, an 11 cent fall to $107 per barrel.
But those gains were tempered by concerns about banks in Spain, according to Dow Jones Newswires.
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