Oil gains as investors grow optimistic over Opec output deal

Oil rose for a fifth day on Monday, on track for its strongest first quarter in eight years, thanks to a growing belief among investors that OPEC’s supply cuts will prevent a build-up in unused fuel, though concern over China’s economy tempered gains.

Brent futures were last up 16 cents at $66.41 a barrel by 1850 GMT, having touched a 2019 high of $66.83 earlier in the day, while U.S. futures rose 47 cents to $56.04 a barrel.

Oil has risen nearly 25 percent so far this year and is on course for its strongest first-quarter performance since 2011, thanks largely to a commitment by the Organization of the Petroleum Exporting Countries and allies to cut output.

Check Also

Tesla’s robot waves but can’t walk, yet. Musk plans to make millions of them

Tesla CEO Elon Musk showed off Friday a prototype of its humanoid robot ‘Optimus’, predicting …

Leave a Reply

Your email address will not be published.