Crude Oil Futures Advance on Monday

Oil prices ended higher on Monday as traders await the weekly update on domestic petroleum supplies and global output figures, according to Bloomberg MarketWatch.

On the New York Mercantile Exchange, July West Texas Intermediate crude tacked on 25 cents, or 0.6%, to settle at $46.08 a barrel.

On the London ICE Futures Exchange, August Brent crude, the global oil benchmark, rose 14 cents, or 0.3%, to end trading at $48.29 a barrel.

July natural gas fell 1.5 cents, or 0.5%, to settle at $3.024 per million British thermal units on the New York Mercantile Exchange.

OPEC and the International Energy Administration will release their monthly oil reports on Tuesday and Wednesday, respectively. They will include figures on the state of international crude stockpiles. The data will give traders a better picture of whether a global rebalancing is taking place in the energy market.

Last month, OPEC agreed to extend their production cut agreement to March of 2018 but traders are weary that some cartel members are getting nervous and deceptive in their efforts to follow the pact.

 

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