Oil Prices Rise At The Start Of Driving Season

Oil Prices Rise At The Start Of Driving Season

Oil prices rose by 1 percent early on Monday, driven by expectations that recovering demand with summer travel and reopening economies will easily accommodate the gradual increase in OPEC+ production.

As of 10:16 a.m. EDT on Monday, WTI Crude was up 1.45 percent at $67.28, and Brent Crude was trading up 1.43 percent at $69.69, while equity markets in the United States and the UK are closed due to bank holidays.

“Crude futures were extending gains early Monday in Asia, still under last week's momentum prompted by renewed confidence in an ongoing US economic rebound. The broader financial markets also saw a return of risk appetite last week, as inflation fears were set aside,” Vanda Insights said in a daily note on Monday.