SINGAPORE – Oil prices surged on Monday, with the Brent oil futures set to register a fifth uninterrupted monthly gain.
The surprising performance in the service sector of China and a weak greenback have boosted oil prices even though the stockpile demand has strived to recover amid the pandemic COVID 19 and the crude stocks remain ample. The analyst said that the stockpile may face several hurdles from now on.
Brent crude registered the closing of August with a fifth consecutive monthly rise in the price with a peak of $46.23 per barrel (on August 5). It is the highest level attained since March. West Texas crude reached $43.78 per barrel on August 26 during the hurricane (Laura) struck.
Brent oil futures (for November) increased 0.6% or 28 cents to $46.9 per barrel (by GMT 0435), while the United States West Texas crude intermediate was high at $43.15 per barrel, up by 0.04% or 18 cents.