Latest News and analysis
[s2If !current_user_can(access_s2member_level1)][lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

Market Update: Oil Gains to Start the Week
Oil prices traded markedly higher on Monday on hurricane season concerns in the Gulf of Mexico. The National Hurricane Center issued its first seasonal forecast of 2021 on May 20th, and it expects a more active than normal season, with 13 to 20 named storms, six to 10 hurricanes and three to five major hurricanes. Traders were also upbeat about fuel demand recovery this summer, with vaccination programs in Europe and the US set to allow more people to travel. In Asia, meantime, Johnson & Johnson said Monday that it filed for approval of its COVID-19 vaccine in Japan, adding that it could start delivering the one-dose shots to the country in early 2022. At around 06:00 AM GMT, both WTI crude and Brent oil added 0.7%, each to $64.02 a barrel and $66.91 a barrel. Last week, both benchmarks fell nearly 3%, amid concerns over worrying COVID-19 cases in some countries in Asia, and signs of progress in the US-Iran nuclear talks, which could bring more oil into an already oversupplied market. [/s2If]
Join Our Telegram Group