Global oil prices continued their upward trend in trading on Monday, fueled by growing optimism regarding global energy demand. Both Brent crude and West Texas Intermediate (WTI) experienced notable gains, solidifying a strong week for the commodity.
Specifically, Brent crude futures rose by 31 cents, a 0.49 percent increase, reaching $63.65 per barrel. Meanwhile, West Texas Intermediate crude climbed by 30 cents, or 0.51 percent, settling at $59.42 per barrel.
The past week saw both benchmarks achieve gains exceeding 3 percent, representing their most significant weekly surge since October. This positive momentum is attributed to improving indicators of global energy demand, signaling a potential recovery in consumption.
Analysts suggest that this recent price surge reflects a combination of factors, including increased economic activity in key regions and ongoing efforts by major oil-producing nations to manage supply. However, some experts caution that the market remains vulnerable to fluctuations based on geopolitical events and shifts in global economic sentiment.
DZWatch will continue to monitor oil market trends and provide updates as the situation evolves.
