Oil goes up amid upbeat mood over demand prospects

Oil goes up amid upbeat mood over demand prospects

On Monday, crude prices moderately ascended in European trade, extending the previous week's strong revenues on signs that demand for oil will pick up in the second half of the year.

August delivery US West Texas Intermediate crude futures showed $46.78 a barrel, gaining approximately 0.5%.

September delivery Brent crude futures soared 0.5% in London, trading at $49.15 a barrel, having hit a one-week high of $49.23.

The previous week WTI inched up 5%, while Brent rallied 4.5%, underpinned by reports of accelerating demand surge from the International Energy Agency, dipping crude stocks in America and crude oil import growth in China.

Notwithstanding recent revenues, worries over ascending global supplies were still on traders’ minds.

American drillers added two crude rigs by July 14, as energy services company Baker Hughes informed on Friday. It brings the overall count up to 765, which is the most impressive outcome since April 2015. It underlines worries that the ongoing rebound in American shale output is derailing efforts by other key producers to rebalance the market.

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