Crude oil

WTI Crude Heads for 4th Month of Gains

WTI crude gained more than 0.7% to $43.3 a barrel on Monday, extending a 1.5% rise in the previous week, as Hurricane Laura passed and Texas avoided the worst of the storm, allowing affected refineries to start the recovery process.

Meanwhile, investors’ sentiment improved after official PMIs for China showed both factory and services activities expanded in August as the economy continues to recover from the pandemic.

A weaker dollar is also supporting oil prices despite concerns about the fuel demand recovery as the coronavirus pandemic is far from controlled.

On the month, WTI crude gained more than 7% so far, the 4th straight monthly rise.

Trading Economics

About Yusuf Issa

Check Also

Oil Prices Drop to US$61/barrel as Inventories Rise

Oil prices dropped on Wednesday, with WTI crude falling towards the $61 a barrel level …

Leave a Reply

Your email address will not be published. Required fields are marked *