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Oil slips but hovers near multiweek highs reached on risk-driven gains


Monday, 26 March 2018 19:20 WIB

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Oil prices edged down slightly Monday but largely sustained robust gains from last week that have been driven by a growing geopolitical risk premium.

May West Texas Intermediate crude slipped 13 cents, or 0.2%, at $65.75 a barrel. The contract settled at $65.88 a barrel on the New York Mercantile Exchange, which was the highest finish for a front-month contract since Jan. 26, according to FactSet data. It rose roughly 5.6% for last week.

May Brent crude slipped less than a cent, or 0.1%, at $70.37 a barrel on ICE Futures Europe. Brent settled Friday above $70 a barrel for the first time since late January. The contract scored a weekly jump of 6.4%.

Weekly percentage gains for the U.S. and global benchmarks were at the highest since the week ended July 28.

Source : Market Watch


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