Crude oil prices moved higher on Tuesday as concerns about energy demand eased a bit after data showed a smart acceleration in China’s service sector activity.

A weak dollar contributed as well to oil’s uptick.

West Texas Intermediate Crude oil futures for May ended higher by $0.68 or about 1.2% at $59.33 a barrel.

Brent crude futures were up $0.55 or 0.88% at $62.70 a barrel a little while ago.

Survey results from IHS Markit showed the Caixin Purchasing Managers’ Index rose to 54.3 in March from 51.5 in February. The pace of expansion was the fastest in last three months. The score has remained above the neutral 50.0 level for eleventh consecutive month.

The survey showed that new orders increased at the fastest pace in three months despite a slight fall in export business.

Worries about rising coronavirus cases and extension of lockdown measures in several parts of Europe limited oil’s rise.

The material has been provided by InstaForex Company – www.instaforex.com

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