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Oil Futures Close Monday with Marginal Gains

M. Ali 23 March, 2021 3:20 am Commodities, Market Update

Oil prices registered marginal gains on Monday, opening the week with a positive performance following last week’s sharp losses, which were the worst in about five months.

Expectations for economic recovery provided support to crude prices, but concerns about demand recovery and reintroducing lockdown measures in Europe had a negative impact.

Brent crude futures stabilized and closed nearly unchanged compared with last week, adding 2 cents, or 0.03%, at $64.28 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for April delivery gained 13 cents, or 0.2%, to finish at $61.55 per barrel.

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