WASHINGTON (dpa-AFX) - Crude oil prices surged on Monday adding to the gains recorded on Thursday and Friday, amidst concerns about lower supplies from Saudi Arabia and Russia. High natural gas prices also weighed on sentiment.
The surge in crude oil prices is despite renewed fears about rate hikes and monetary policy, ahead of the central bankers meeting at Jackson Hole, Wyoming later in the week.
Hopes of an easing in the monetary policy stance by the Fed had dissipated after the minutes of the recent FOMC revealed a Federal Reserve that continued to be focused on managing the upside risks to inflation.
The supply related fears also eclipsed worries about muted demand from China that had increased after recent economic data releases from the region implied weakness in economic activity.
Brent Oil Futures for October settlement which had finished Friday's trading at $84.8 traded between $84.66 and $85.83 on Monday. It is currently trading at $85.47, having gained 0.79 percent from the previous close. Brent Crude prices had added 0.81 percent on Friday and 0.80 percent on Thursday.
West Texas Intermediate Crude Oil Futures for October settlement which had a closing price of $80.66 on Friday ranged between a high of $81.74 and a low of $80.5 on Monday. The current price of $81.11 represents a gain of 0.56 percent from the previous close. WTI Crude prices had added 1.1 percent on Friday and 1.3 percent on Thursday.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX