Oil up 1%, US WTI at 5-month closing high, market seen
Crude prices edged up about 1% on Monday with U.S. futures closing at a five-month high, on expectations that economic growth in the U.S. and China will boost demand, while supplies tighten on OPEC+ output cuts and attacks on Russian refineries.
Brent futures for June delivery settled at $87.42 a barrel on Monday, June's first day as the front month. That was up about 42 cents, or 0.5%, from the April 28 settlement price for the June contract. April 29 was the Good Friday holiday.
On April 28, the May Brent contract settled at a five-month high of $87.48 a barrel.
U.S. West Texas Intermediate (WTI) crude futures gained 54 cents, or 0.7%, to settle at $83.71, their highest close since Oct. 27.
Brent futures for June delivery settled at $87.42 a barrel on Monday, June's first day as the front month. That was up about 42 cents, or 0.5%, from the April 28 settlement price for the June contract. April 29 was the Good Friday holiday.
On April 28, the May Brent contract settled at a five-month high of $87.48 a barrel.
U.S. West Texas Intermediate (WTI) crude futures gained 54 cents, or 0.7%, to settle at $83.71, their highest close since Oct. 27.
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