Crude oil futures surged to their fresh three months high on Monday, riding on signs of an economic recovery in the US after data last week showed the economy to have added more jobs than expected in May. Crude oil also found support with some upbeat data in the last fortnight from the European Central Bank, China, and Japan, which further improved the demand growth outlook for oil. Data revealed that China's crude imports despite falling to 6.16 million barrels a day in May from April's record high of 6.8 million barrels a day, still remained 9% higher on a year-over-year basis.
Benchmark crude oil futures for July delivery surged by $1.75 or 1.7 percent to close at $104.41 a barrel after trading in a range of $104.47 and $102.62 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for August delivery were up 0.92 percent to $108.86 a barrel on the ICE.
No comments:
Post a Comment