Oil prices rose back above $70 a barrel on Monday, with U.S. crude on pace for its best one-day dollar gain in over a month, after four weeks of losses for the benchmark.
The contract to deliver international benchmark Brent crude for September was up 83 cents, or 1.1 percent, at $75.12 a barrel by 2:08 p.m. ET. The September contract expires on Tuesday. Trading was heavier for the October contract, which is up 97 cents, or 1.3 percent, at $75.73.
U.S. West Texas Intermediate crude rose $1.59, or 2.3 percent, to $70.28 a barrel. While the contract has risen in seven of the last previous 10 sessions, it has not posted a gain of more than $1 a barrel since June 27.
WTI was down more than 7 percent over the last four weeks, as heavy losses in a handful of trading sessions wiped out a string of modest daily gains for the benchmark.
via CNBC
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Alfonso Esparza
Latest posts by Alfonso Esparza (see all)
- Oil Rises Despite Weak Chinese GDP Data - 01/21/2019
- IMF Cuts Global Growth Forecast for 2019 and 2020 - 01/21/2019
- Brexit Extension Faces Major Obstacle in EU Elections - 01/18/2019