Brent surges to multi-week highs

Singapore, May 20 (BNA): Brent crude futures extended gains on Monday.

 

Brent gained 10 cents, or 0.1%, to $84.08 a barrel by 0454 GMT, after rising to $84.30 earlier, its highest since May 10.


U.S. West Texas Intermediate (WTI) crude for June edged down 5 cents to $80.01 a barrel, after hitting $80.23 earlier, the highest since May 1. The June contract expires on Tuesday and the more-active July contract was at $83.75, up 12 cents, or 0.1%.


Brent ended the previous week up about 1%, its first weekly gain in three weeks, while WTI rose 2% on improved economic indicators from the U.S. and China, the world’s largest oil consumers, Reuters reported.


In the United States, Washington took advantage of the recent drop in oil prices, saying late last week it had bought 3.3 million barrels of oil at $79.38 a barrel to help refill its Strategic Petroleum Reserve after a massive sale of the stockpile in 2022.

 

 

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