Tue, 27 Jul 2021

Oil prices settle mixed after upbeat week

Xinhua
15 Jun 2021, 06:30 GMT+10

NEW YORK, June 14 (Xinhua) -- Oil prices settled mixed on Monday, following an upbeat week that saw both crude benchmarks climb more than 1 percent.

The West Texas Intermediate for July delivery lost 3 cents to settle at 70.88 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery increased 17 cents to close at 72.86 dollars a barrel on the London ICE Futures Exchange.

For the week ending Friday, the U.S. crude benchmark rose 1.9 percent, while Brent gained 1.1 percent, based on the front-month contracts.

"Good sentiment on the financial markets and the optimistic demand outlook indicated by leading energy agencies are contributing to the upswing," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Monday.

In their respective reports issued last week, both the International Energy Agency and the Organization of the Petroleum Exporting Countries described the global oil market as being in sound condition, despite the ongoing risks posed by the pandemic.

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