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Oil market jumped as risk-on sentiment returnedStrong non-farm payroll data in the US also lifted the sentiment while cooling inflation in the country promises some easing on the lending rates before the year ends. |
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International benchmarks for crude oil rebounded more than 2% on Monday, 17 June 2024 on the back of a short-covering rally and the return of risk-on sentiment. WTI settled above the $80/ton threshold for the first time in a month.
Strong non-farm payroll data in the US also lifted the sentiment while cooling inflation in the country promises some easing on the lending rates before the year ends.
Brent gained $1.63 or 2% to close at $84.25/barrel.
WTI jumped $1.88 or 2.4% to settle at $80.33/barrel.
