Open Demo Account
Home / Market Update / Commodities / Oil Ends at Highest Level in Nine Months

Oil Ends at Highest Level in Nine Months

M. Ali 15 December, 2020 2:00 am Commodities, Market Update

Oil prices surged on Monday, opening the week with a strong performance as they rose to their highest closing level since March.

Positive news about Coronavirus vaccines helped crude prices stage a strong come back.

This comes despite some concerns about the demand outlook, after the Organization of the Petroleum Exporting Countries (OPEC) reduced its expectations for demand growth next year by 350,000 barrels per day to 5.9 million barrels a day.

Brent crude futures for February delivery rose by 32 cents, or 0.6%, to close at $50.29 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for January delivery finished higher by 42 cents, or 0.9%, at $46.99 per barrel.

Tags

Check Also

U.S. Futures Edge Higher Amid Softer Inflation Data

U.S. stock index futures advanced slightly on Monday as Wall Street reacted to signs of …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends