Oil prices rose above $60 a barrel on Monday, recovering some of the previous session’s near-7 percent fall, although uncertainty over global economic growth limited the gains.
Brent crude futures LCOc1 were up $1.30 at $60.10 a barrel by 1255 GMT, while U.S. futures CLc1 were up 77 cents at $51.19 a barrel after Friday’s sell-off which saw both contracts hit 13 month lows.
“It is difficult to say whether $60 is the new normal, as there doesn’t seem to be a ‘normal’ at the moment,” Cantor Fitzgerald oil and gas analyst Jack Allardyce said.
via Reuters
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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