Oil Surges to 3 Month High Despite High Supply

March 7, 2016 Share Print 0

Brent crude hit a three-month high on Monday, extending gains that have lifted crude benchmarks by more than a third from this year’s lows on an improving global outlook and stronger sentiment for a market recovery.

Front-month Brent crude futures LCOc1 traded as high as $39.50, the highest since early December, and were trading at $39.30 a barrel at 1230 GMT, up 58 cents from their last settlement. In January, prices fell to levels not seen since 2003.

U.S. West Texas Intermediate (WTI) futures fetched $36.53 a barrel, up 61 cents from the last close. The day’s high of $36.72 was more than 40 percent above February lows.

The May WTI contract settled on Friday at $35.92 a barrel, up 3.91 percent.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.