Crude Oil Jumped Over +3% on Upgraded Demand Outlook and Inventory Decline

Crude oil prices jumped more than +3% in the midst of mixed USD and rising bond yields. Investors turned more optimistic over the demand outlook following DOE/EIA's release of the Short-term Energy Outlook. Meanwhile, Saudi Arabia noted that rising supply was driven by demand. The front-month WTI crude contract rose +3.44% to settle at US$60.14 whilst the Brent contract added +3.49% to end the day at US$64.88.

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Crude Oil Jumped Over +3% on Upgraded Demand Outlook and Inventory Decline