Oil Climbs to Three-Month High on Demand Strength, Trade Hopes
Oil climbed to a new three-month high as signs of improving demand buoyed a market momentarily roiled by confusion over U.S.-China trade.
Futures advanced 2% in New York after President Donald Trump said the deal with Beijing was “fully intact” following remarks from a trade adviser that were interpreted as an end to the agreement.
After earlier dropping 2.4%, the US grade crude WTI is now above $41 a barrel, bolstered in recent days by a lifting of lockdown restrictions in some U.S. states, while physical crude prices have also climbed.
Brent the international benchmark oil grade is near $44 a barrel, a level last reached as prices began to crash in April.
Oil has rebounded since plunging below zero in April and is now trading at levels last seen before
Russia and Saudi Arabia engaged in a damaging, though short-lived, price war... For further reading, click on https://businessday.ng/lead-story/article/oil-climbs-to-three-month-high-on-demand-strength-trade-hopes/
SOURCE: BusinessDay Newspaper June 23, 2020.