Markets > Commodities

Oil prices climb amid demand hopes

Xinhua News,NEW YORK
2020-08-11 05:45

Already collect

NEW YORK, Aug. 10 (Xinhua) -- Oil prices gained on Monday as market sentiment was boosted by signs of improving energy demand.

The West Texas Intermediate (WTI) for September delivery rose 72 cents to settle at 41.94 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery was up 59 cents to close at 44.99 dollars a barrel on the London ICE Futures Exchange.

Amin Nasser, chief executive officer of Saudi Arabia's oil giant Aramco, said on Sunday that he sees oil demand rebounding in Asia as economies gradually open up. He lauded a strong rebound in crude appetite in major markets.

Prices were also supported by positive economic data from China.

China's consumer price index grew 2.7 percent year on year last month, expanding from a 2.5-percent gain in June, official data showed Monday. Meanwhile, China's producer price index fell 2.4 percent year on year in July, narrowing from the 3-percent decline in June.

For the week ending Friday, WTI climbed 2.4 percent and Brent gained 2 percent.
Add comments

Latest comments

Latest News
News Most Viewed