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Oil climb continues, inspires upgraded forecast from investment banks

April 2, 2019

Oil bulls pushed prices higher again on Tuesday, finding encouragement in signs of tightening supplies and fading worries over global economic growth.

The optimism has spread through investment banks, with many bumping up their price predictions for 2019, according to a Wall Street Journal poll.

West Texas Intermediate crude for May delivery CLK9, +0.08% on the New York Mercantile Exchange was up 49 cents, or 0.8%, at $62.08 a barrel. It closed Monday, the first day of the new quarter, at $61.59, the highest settlement since Nov. 7. The U.S. benchmark logged a 32.4% rise over the first three months of 2019, its strongest quarterly advance since the second quarter of 2009.

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