WASHINGTON (dpa-AFX) - Crude oil prices continued to rise on Monday amidst simmering geopolitical tensions in the Middle East. Fears of the situation in Middle East escalating into a wider war eclipsed concerns over demand raised in the OPEC's monthly report. Waning concerns over a downturn in the U.S. also supported sentiment. Prices of both Brent and WTI crude recorded gains of more than a percent in the day's trading.
Meanwhile the Organization of the Petroleum Exporting Countries, in its monthly report published on Monday lowered the demand forecast for 2024 citing lower demand conditions in China. According to the OPEC report, world oil demand is expected to rise by 2.11 million barrels per day in 2024, versus 2.25 million barrels per day anticipated in the previous month's report.
Brent Oil Futures for October settlement is currently trading at $80.60, having gained 1.18 percent from the previous close of $79.66. Prices had gained 0.63 percent on Friday and 1.06 percent on Thursday.
The day's trading ranged between $79.45 and $80.64 whereas the 52-week trading range was between $72.29 and $97.69.
West Texas Intermediate (WTI) Crude Oil Futures for September settlement also increased 1.4 percent from the previous close of $76.84 to trade at $77.92. Prices had gained 0.85 percent on Friday and 1.28 percent on Thursday.
Prices ranged between a high of $78 and a low of $76.72. Trading ranged between $67.71 and $95.03 over the past 52 weeks.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
