Oil prices rose above $60 a barrel on Monday, recovering some of the previous session’s near-7 percent fall, although uncertainty over global economic growth limited the gains.
Brent crude futures LCOc1 were up $1.30 at $60.10 a barrel by 1255 GMT, while U.S. futures CLc1 were up 77 cents at $51.19 a barrel after Friday’s sell-off which saw both contracts hit 13 month lows.
“It is difficult to say whether $60 is the new normal, as there doesn’t seem to be a ‘normal’ at the moment,” Cantor Fitzgerald oil and gas analyst Jack Allardyce said.
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