Home / Markets / Commodities / Brent hits 1-month high, US crude tops $31 on output cuts, easing curbs

Brent hits 1-month high, US crude tops $31 on output cuts, easing curbs

US West Texas Intermediate (WTI) crude was up $2.46 or 8.4% at $31.89 per barrel, its highest since mid-March

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The June WTI contract expires on Tuesday, but there was little indication of it repeating a historic plunge below zero last month on the eve of the May contract's expiry

Bozorgmehr Sharafedin | Reuters London

3 min read Last Updated : May 18 2020 | 5:48 PM IST

Oil prices climbed by $2 a barrel on Monday, with benchmark Brent hitting a one-month high and US crude topping $30 supported by optimism about the re-opening of economies and output cuts by major producers.

Brent crude was up $1.99, or 6.1%, at $34.49 a barrel by 1041 GMT, its highest level since mid-April.

US West Texas Intermediate (WTI) crude was up $2.46 or 8.4% at $31.89 per barrel, its highest since mid-March.

"Optimism on the demand side of the oil equation has helped prices climb further, with gasoline demand coming back as governments ease confinement measures," said Rystad Energy's senior oil markets

Topics : Crude Oil Brent crude oil US crude oil Opec supply cut

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