The price of a barrel of Brent North Sea oil for July delivery rose 2.27% to close at $77.01. The price of American West Texas Intermediate (WTI), due in June, rose 2.55% to $73.16.
After falling to its lowest level in 17 months on Thursday, the black gold had started its recovery on Friday thanks to the monthly report on US employment, according to which 253,000 jobs were created in April, significantly more than the 180,000 forecast by the economists.
The market maintained its momentum on Monday, fueled in part by buying by speculative traders, who had been short and fearing a turnaround, driven by other traders, who were betting higher, according to Bart Melek of TD Securities.
crude oil volatility
The suspension of interest rate increases should prevent, in the minds of investors, the consumption and demand for petroleum products, which traders feared would suffocate. And if the slowdown in the economy is confirmed, they expect the Fed to start lowering rates in the short term, Bart Melek details, a perspective that encourages Wall Street to be optimistic.
The community is already debating the next ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies in the OPEC+ agreement, which however will only take place in a month, on June 4.
The two surprise decisions in October and April, in which cartel members agreed to cut production by a total of 3.16 million barrels per day, create an environment of uncertainty in the market, further increasing the volatility of prices. prices.
Source: BFM TV
