Oil prices surged on Monday

International benchmarks for oil prices rallied on Monday (8 August) despite a stubborn supply glut as OPEC considers holding an informal talk this September regarding measures to stabilize the market. Many analysts expect that market would be capped at the $45/barrel threshold due to the lack of fundamental support. However, another market group has also noted the rise in number of outstanding contracts for short-net positions to 70% since June, meaning a heavy round of buying by traders is inevitable in the near future.

WTI closed at $43.02/barrel (+$1.22) September delivery

Brent closed at $45.39/barrel (+$1.12) September delivery