Oil price rises on signs of economic recovery

摘要

OIL prices regained some ground midweek on improved economic data and lower US crude inventories, however futures were still trading below last week's levels as the surge in Covid-19 infections around the world capped gains. Brent crude futures were changing hands at $41.86 per barrel in mid-afternoon trading in London on Wednesday, after starting the week trading at just slightly more than $40 per barrel. The same time last week, Brent was fetching $42.34 per barrel. West Texas Intermediate (WTI) was trading midweek at $39.91 per barrel, gaining ground from the start of the week, when it was fetching just $37 per barrel. WTI was trading at $40 per barrel in the middle of last week. Both Brent and WTI futures last week had traded at their highest levels since the oil price collapsed in early March.