Oil rose 1% on demand optimism, heightened geopolitical tension
The market's positive sentiment is further supported by heightened geopolitical tensions in the Middle East and an increase in Ukrainian drone attacks on Russian refineries.
International benchmarks for crude oil ended the trading session on Monday, 24 June 2024, higher, continuing the bullish trend from the previous week. This upward movement is driven by optimistic forecasts for global crude demand and improving gasoline demand in the United States.
Last week, both Brent and West Texas Intermediate (WTI) crude oil saw gains of approximately 3%. The market's positive sentiment is further supported by heightened geopolitical tensions in the Middle East and an increase in Ukrainian drone attacks on Russian refineries.
Brent gained 77 cents or 0.9% to close at $86.01/barrel.
WTI added 99 cents or 1.1% to close at $81.63/barrel.