Oil gained more than 1% on geopolitical concerns
International benchmarks for crude oil climbed more than 1% on Thursday, 27 June as investors shrugged off the rising crude and fuel product inventories in the US.
International benchmarks for crude oil climbed more than 1% on Thursday, 27 June as investors shrugged off the rising crude and fuel product inventories in the US. Concerns over the geopolitical tension in the Middle East and Europe generated heavy upward pressure on the market.
Additionally, investors portrayed higher risk appetite following a hot streak in the equities market.
Brent gained $1.14 or 1.34% to close at $86.39/barrel.
WTI increased by 84 cents or 1.04% to close at $81.74/barrel.
Written by: Rochelle Nguyen