Oil futures begin the week with a further push to the upside after ending last week at 2023 highs, finding support on worries over tightening crude supplies.
Oil futures headed higher Monday, building on 2023 highs after posting a third consecutive weekly climb on continued concerns over tightening crude supplies.
The WTI contract is “attempting to make a home above the $90 per barrel level,” said Waterer, in emailed commentary. WTI rose 3.7% last week, while Brent advanced 3.6%; both grades ended Friday at their highest since November. Crude has been on a tear since summer, recovering from an early 2023 selloff as expectations for tight second-half supplies overshadowed worries over the economic recovery in China, the world’s second-biggest oil consumer.A decision by Saudi Arabia to cut production by 1 million barrels a day beginning in July has played a major role in pushing crude higher.
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