Oil futures mark fresh highs for the year on Monday, finding support on worries over tightening crude supplies.
Oil futures marked fresh highs for the year on Monday, after posting a third consecutive weekly climb on continued concerns over tightening crude supplies.
The WTI contract is “attempting to make a home above the $90 per barrel level,” said Waterer, in emailed commentary. WTI rose 3.7% last week, while Brent advanced 3.6%; both grades ended Friday at their highest since November. Crude has been on a tear since summer, recovering from an early 2023 selloff as expectations for tight second-half supplies overshadowed worries over the economic recovery in China, the world’s second-biggest oil consumer.A decision by Saudi Arabia to cut production by 1 million barrels a day beginning in July has played a major role in pushing crude higher.
“The fact that oil rallied on Friday despite the risk-off tone in equity markets adds credence to this notion,” he wrote.
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