Crude oil futures extends rally, climb 3% on improved demand sentiment

摘要

Crude oil futures pushed higher for a second session Aug. 24, climbing 3% on the back of improved demand sentiment and a weaker US Dollar. NYMEX October WTI settled $1.90 higher at $67.54/b and ICE October Brent climbed $5.41 to $71.05/b. "The oil market is still very tight and with Chinese demand picking up, crude prices only have one way to go after an overdone selloff," OANDA senior market analyst Ed Moya said in a note. "Crude prices should benefit from declining inventories and as the world’s two largest economies start to see a return of normal crude demand."