Crude goes up on IMF economic surge outlook

brent_1On Tuesday, crude added, underpinned by healthy economic surge and the everlasting supply restraint by a bunch of oil exporters, including Russia and OPEC.

Spot Brent crude futures hit $69.41, rising 0.55% from their previous settlement, which is not far off the January 15 three-year maximum of $70.37 per barrel.

As for American West Texas Intermediate crude futures, they hit $63.99 a barrel, soaring 0.7% from their previous close. On January 16 WTI managed to reach its highest value since December 2014, demonstrating an outcome of $64.89 a barrel.

Market participants told that crude markets were mostly underpinned by healthy economic surge.

On Monday, the International Monetary Fund updated upward its estimate for world economic surge this year and 2019, to about 3.9% for both years, which is a 0.2% jump from its last revision in October.

Meanwhile, in the longer term, market participants are ready for a series of large-scale changes in crude demand coming from the growing popularity of electric cars.

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