WTI up to $84 per barrel, hits 5-month high

WTI up to $84 per barrel, hits 5-month high
# 01 April 2024 20:40 (UTC +04:00)

Crude oil prices for front-month contracts rose on Monday, with the main oil benchmark for North America, West Texas Intermediate, reaching its highest level since late October 2023, APA reports citing BBN.

The upward movement of oil prices appeared to be propelled by stronger-than-expected manufacturing activity in the United States which seemingly brightened the demand outlook at the start of the second quarter. The ongoing turmoil in the Middle East and Ukraine further exerted pressure on crude prices.

West Texas Intermediate (WTI) for May delivery rose 0.90% to sell at $84.03 per barrel at 11:02 am ET. Brent for June settlement was up 0.63% to $87.63 a barrel at the same time.

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