Brent crude oil and West Texas Intermediate WTI were both trading up over 2% on Monday as optimism strengthened over summer fuel demand prospects and despite the dwindling potential for the U.S. Federal Reserve to cut interest rates.
On Monday at 1206 p.m. EST, Brent crude oil was trading up 2.19% at $81.36, for a gain of $1.74 on the day, while the U.S. WTI benchmark was trading up 2.45% at $77.38, for a gain of $1.85 on the day. Monday saw the effects of a strong dollar rally late last week after the release of Friday’s U.S. jobs data, which some interpret as an indicator that we may be waiting longer for interest rate cuts from the Fed.
Investors on the other side of the Atlantic clearly dismiss the Euro weakness and the resultant dollar strength due to French snap elections,' PVM oil broker Tamas Varga told Reuters. 'There is a growing conviction that demand will be buoyant as the summer driving season approaches leading to considerable stock draws,” he added.
Brent Crude Benchmark Oil Trading Oil Prices Oil Markets
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Man suspended from driving attends court hearing over Zoom while drivingYou can see the precise moment he realises what he's done.
Read more »
Man suspended from driving attends court hearing over Zoom while drivingYou can see the precise moment he realises what he's done.
Read more »
Gasoline Prices Surge as Summer Driving Season Heats UpGasoline prices are climbing in the United States as driving season kicks into high gear, with the national average on Memorial Day only slightly below last year's level.
Read more »
Outlander drops new teaser for season 7 part 2 – all we know about the new seasonNew cast members have also been announced
Read more »
Arsenal pre-season 2024: Tour, fixtures, results, tickets & how to watchComplete guide to Arsenal's pre-season tour ahead of the 2024-25 season...
Read more »
Ticketmaster announcement sparks concern among Preston North End faithfulEarly bird season cards are now on sale ahead of the 2024/25 season
Read more »