Brent Tops USD110, Hits Highest Since May as Energy Rebounds
(MENAFN) Energy markets turned higher after opening the week in negative territory, with Monday’s declines giving way to gains across crude, natural gas and refined products.
Brent futures rose 0.2% as of 1800GMT to trade above $110 per barrel, the global benchmark’s highest level since mid-May. The advance was modest in percentage terms, but it lifted the contract to its strongest price in that span.
The US benchmark showed greater momentum. WTI gained 2% to reach $103.5 per barrel, outpacing Brent’s rise.
The upswing was not confined to oil. EU gas prices increased 1% to €88.5 per megawatt-hour, while heating oil edged up 0.1% to $4.9 per gallon, underscoring broad-based strength across the energy complex.
Brent futures rose 0.2% as of 1800GMT to trade above $110 per barrel, the global benchmark’s highest level since mid-May. The advance was modest in percentage terms, but it lifted the contract to its strongest price in that span.
The US benchmark showed greater momentum. WTI gained 2% to reach $103.5 per barrel, outpacing Brent’s rise.
The upswing was not confined to oil. EU gas prices increased 1% to €88.5 per megawatt-hour, while heating oil edged up 0.1% to $4.9 per gallon, underscoring broad-based strength across the energy complex.
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