West Texas Intermediate and Brent were steady on Monday as investors
weighed a further drop in the number of active US oil rigs against
downbeat trade data from China, coupled with a persisting strike at US
refineries.
US crude for delivery in March traded 0.27% higher at $51.83 per barrel at 8:42 GMT, having shifted between $53.40 and $51.65 a barrel. The contract rose 2.40% on Friday to $51.69, settling the week 7.2% higher, the biggest weekly gain in almost four years.
Meanwhile on the ICE, Brent for settlement in the same month traded at $57.59 a barrel, down 0.36% on the day, having held in a daily range of $59.06-$57.39. The contract jumped 2.17% on Friday to $57.80, closing the week ~9% higher, its best showing since February 2011. The European crude benchmark traded at a premium of $5.76 to its US counterpart, down from Friday’s settlement at $6.11.
Read more at Click here / www.trade4x.net
US crude for delivery in March traded 0.27% higher at $51.83 per barrel at 8:42 GMT, having shifted between $53.40 and $51.65 a barrel. The contract rose 2.40% on Friday to $51.69, settling the week 7.2% higher, the biggest weekly gain in almost four years.
Meanwhile on the ICE, Brent for settlement in the same month traded at $57.59 a barrel, down 0.36% on the day, having held in a daily range of $59.06-$57.39. The contract jumped 2.17% on Friday to $57.80, closing the week ~9% higher, its best showing since February 2011. The European crude benchmark traded at a premium of $5.76 to its US counterpart, down from Friday’s settlement at $6.11.
Read more at Click here / www.trade4x.net
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