Monday, 29 November 2021

Oil prices hit highest in 3 months

LONDON: Oil prices extended gains on Friday, scaling three-month highs as the United States and China moved closer to a resolution to the 18-month trade war between the world’s two biggest economies that has raised big questions about global demand for crude.

Brent futures climbed 43 cents, or 0.7%, to $64.63 a barrel by 0426 GMT, its highest since Sept. 23.

West Texas Intermediate (WTI) crude was up 31 cents, or 0.5%, to $59.49 a barrel, the highest since Sept. 16.

“Risk appetite ran wild after Trump signaled the he made a deal with China and that will only be positive for global demand forecasts for crude,” said Edward Moya, senior market analyst at OANDA.

A slump in the U.S. dollar against the backdrop of a strong pound also helped to boost commodity prices, said Margaret Yang, market analyst at CMC Markets.

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