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U.S. crude oil holds above $80 per barrel after starting week with strong gains
"Equity markets are on a tear "WTI traded above $80 a barrel after rising by 2.4% on Monday, while Brent closed over $84." https://t.co/MQHhodML4P #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #commodities https://t.co/YIMZYWv7Wu
OIL PRICES HELD STEADY, WITH WTI TRADING ABOVE $80 PER BARREL AND BRENT CLOSING OVER $84, SUPPORTED BY A BROADER RISK-ON SENTIMENT IN EQUITY MARKETS
Oil prices have surged, with West Texas Intermediate (WTI) crude oil reaching above $80 per barrel. This increase follows a 3.9% gain last week, driven by expectations of increased summer demand and a robust short-covering rally. Despite soft Chinese demand, U.S. crude oil prices have been supported by tightness concerns in the market. WTI traded above $80 a barrel after rising by 2.4% on Monday. Brent crude also closed over $84 per barrel, bolstered by a broader risk-on sentiment in equity markets.