Oil Closes Higher with Expectations for Demand Recovery

Oil prices showed a mixed performance on Monday, amid expectations for the recovery of global demand during the second half of the year.

Brent crude futures for August delivery rose by 17 cents, or 0.23%, to close at $72.86 per barrel.

The global benchmark has now maintained a rising trend to reach its highest closing level since April 25, 2019.

Month-to-date, Brent futures rose by about 5.11%, raising gains since the beginning of 2021 to about 41%.

Meanwhile, the West Texas Intermediate (WTI) futures for July delivery closed marginally lower by 3 cents, or 0.04%, at $70.88 a barrel, declining for the first time in three sessions, but managing to record its second-highest closing level since the beginning of the year.