Oil Rises with Trade Optimism

U.S. crude oil hit a 2019 high on Monday and Brent gained a dollar after tight supply and positive signs for the global economy drove both benchmarks’ largest first-quarter gains in nearly a decade.

U.S. West Texas Intermediate (WTI) futures were up 57 cents, or 0.95 percent, at $60.71 by 1325 GMT, after briefly reaching their highest in more than four months at $60.92. WTI gained 32 percent in the first quarter.

West Texas Intermediate graph

Brent crude for June delivery was up 86 cents, or 1.3 percent, at $68.44 after rising by more than a dollar in earlier trading and gained 27 percent in the January-March period.

Positive Chinese factory gauges and signs of progress in Sino-U.S. trade talks have boosted sentiment, helping to buoy regional stock markets.

via Reuters

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Alfonso Esparza

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.
Alfonso Esparza