With tensions easing in a possible trade war with China, crude oil prices rose the most in two weeks on Monday.
The price for a barrel of West Texas Intermediate crude rose $1.36 to hit $63.42 a barrel on the New York Mercantile Exchange. It’s still a few dollars below the 52-week high of $66.66. Trading opened Monday at $62.02.
Brent crude in London on the Ice Futures Europe exchange finished the day up $1.54 and settled at $68.65 per barrel.
Natural gas prices on the NYMEX finished up 7 cents and ended the day at $2.70 MMbtu.
Futures on the NYMEX rose 2.2 percent while President Trump predicted China will be the first to cry uncle and buckle inthe economic tug of war.
Once again, Oklahoma’s crude distribution hub in Cushing continues playing a significant role in the price fluctuation. There are growing concerns about the amount of oil piling up in the Cushing storage tanks, thanks to increasing production from the shale fields throughout the U.S.