NEW YORK, April 3 (Reuters) – Oil prices ended higher on Tuesday in the New York market Nymex, after their sharp decline the previous day, supported by the rebound in US equity markets.
The May contract on US light crude (West Texas Intermediate, WTI) gained 50 cents, or 0.79%, to $ 63.51 a barrel.
At the time of the Nymex closing, Brent was up 40 cents, or 0.59%, to $ 68.04.
The gains are partly due to a technical rebound after Monday’s losses, but also to the recovery in equity markets, notes John Macaluso, analyst at Tyche Capital Advisors.
Oil dropped more than 3% on Monday, its biggest drop since June 2017, in the wake of US equity markets. The Dow lost 1.9%, the S&P 500 2.23% and the Nasdaq 2.74%, a drop that brought the S&P 500 back below its 200-day moving average, an important technical signal, for the first time. times since June 2016.
The remarks of the Russian Minister of Energy Alexandre Novak, also helped to support the courses. The latter said that a joint cooperation body between OPEC and countries outside the cartel could be set up at the expiration of their current production supervision agreement at the end of the year.
The rise in prices was however limited by the expected increase in stocks in the United States.
The latter are expected to have increased by 1.7 million barrels the week to March 30, according to a Reuters study. The American Petroleum Institute (API) will release its statistic on Tuesday, followed tomorrow by the US Administration of Information on l energy (EIA). (Ayenat Mersie)
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