Markets > Commodities

WTI crude futures surge 2.8 pct over new trade deal in N. America

Xinhua Financein ​NEW YORK
2018-10-02 09:24

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U.S. oil prices gained 2.8 percent Monday on breakthrough of trade talks among the United States, Canada and Mexico and concerns over tight oil supply due to sanctions on Iran.

The price of West Texas Intermediate (WTI) crude oil for December delivery was settled over 75 U.S. dollar per barrel while Brent oil price for December delivery topped 85 U.S. dollars per barrel in the session.

The breakthrough of trade talks among the United States, Canada and Mexico is expected to improve growth prospects in the North America as a whole, according to Phil Flynn, an analyst with Price Futures Group.

Daily crude oil output with Organization of the Petroleum Exporting Countries (OPEC) only showed slight rise in September according to market surveys.

The price of West Texas Intermediate (WTI) crude oil for December delivery jumped 2.05 U.S. dollar to settle at 75.3 dollars a barrel Monday on the New York Mercantile Exchange. Meanwhile, Brent oil price for December delivery climbed up 2.25 U.S. dollars to 84.98 U.S. dollars per barrel.
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