Oil futures rebounded on Monday with significant jumps in both West Texas Intermediate and Brent crude, according to Bloomberg MarketWatch.
July WTI crude jumped $1.07, or 2.2%, to end trade on the New York Mercantile Exchange at $49.69 a barrel. The settlement marked the greatest level reached since July 21, 2015.
August Brent crude, the global benchmark, added 91 cents, or 1.8%, to end trade on London’s ICE Futures Exchange $50.55 a barrel.
Prices rallied from last week’s loss due to continued supply interruptions caused by militant attacks on crude inventories in Nigeria and the blistering Fort McMurray wildfire in Alberta, Canada.
“Supply fears continue to swirl amid further threats of sabotage from the Niger Delta Avengers,” said Matt Smith, director of commodity research at ClipperData.
In a Sunday note issued by Edward Meir, an analyst at INTL FCStone, the Fort McMurray wildfire that began on May 1 has crippled Canada’s production by nearly 40% or almost 800,000 barrels to 1 million barrels a day.
Meanwhile, July natural gas tacked on 6.8 cents, or 2.8%, to end trade on the New York Mercantile Exchange at $2.466 per million British thermal units.
