Oil hits fresh 3-month high; WTI nears $62 per barrel
SINGAPORE: Oil prices held on to three-month highs on Monday, underpinned by optimism over an expected China-US trade deal and upbeat industrial data, while traders kept a close watch on the Middle East following a US air strike.
Investors remained cautious despite news of the US strikes in Iraq and Syria against an Iran-backed militia group, even as US officials warned “additional actions” may be taken.
West Texas Intermediate (WTI) crude futures rose 4 cents to $61.76 a barrel by 0800 GMT. The US benchmark is up about 36 per cent so far this year.
Brent crude futures were at $68.33 a barrel, up 17 cents, or 0.3 per cent. The international benchmark has risen around 27 per cent in 2019.
