U.S. oil opened above $50 per barrel for the first time since late May on Monday, supported by strong fuel demand, but ongoing high supplies from producer club OPEC kept prices from rising further.
U.S. West Texas Intermediate (WTI) crude futures were at $50.25 per barrel at 0127 GMT, up 8 cents, or 0.2 percent, from their last close. That marked the first time U.S. crude had opened above $50 per barrel since May 25.
Brent crude futures, the international benchmark for oil prices, were trading up 6 cents, or 0.1 percent, at $52.78 per barrel.
“U.S. gasoline demand climbed to last year’s highs and U.S. inventories, notably on the East Coast, declined,” said French bank BNP Paribas. Read More…