Oil market jumped as risk-on sentiment returned
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.
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.