Oil futures closed higher on Monday due to some recovery in energy demand, even in the recovery threatened by the possibility of further blockages caused by the increase in Covid-19 cases.
The market saw dynamic economic data over the weekend from China, the world’s largest importer of crude oil. China’s industrial profits rose 6% in May from a year earlier, the first increase in 2020.
West Texas Intermediate (CLQ20) rose after a weekly decline (WTI) on Friday. Brent’s global delivery benchmark for August (BRNQ20) rose on ICE Futures Europe after a weekly decline on Friday, based on the most active contractual settlements. The August contract expires at the end of Tuesday.
On Nymex, oil prices were higher along with oil, before the contract expired on Tuesday in July. July gasoline (RBN20) increased along with July heating oil (HON20).
Junior Trader Damyan Dimitrov