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WTI Gains 2.5% On Driving Season Fuel Demand Optimism

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WTI News

Brent,Crude Benchmark,Oil Trading

Brent crude oil and West Texas Intermediate WTI were both trading up over 2% on Monday as optimism strengthened over summer fuel demand prospects and despite the dwindling potential for the U.S. Federal Reserve to cut interest rates.

On Monday at 1206 p.m. EST, Brent crude oil was trading up 2.19% at $81.36, for a gain of $1.74 on the day, while the U.S. WTI benchmark was trading up 2.45% at $77.38, for a gain of $1.85 on the day. Monday saw the effects of a strong dollar rally late last week after the release of Friday’s U.S. jobs data, which some interpret as an indicator that we may be waiting longer for interest rate cuts from the Fed.

Investors on the other side of the Atlantic clearly dismiss the Euro weakness and the resultant dollar strength due to French snap elections,' PVM oil broker Tamas Varga told Reuters. 'There is a growing conviction that demand will be buoyant as the summer driving season approaches leading to considerable stock draws,” he added.

Source: Digital Coin News (digitalcoinnews.net)

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