The price of March futures for Brent on the London ICE Futures exchange amounted to $79.91 per barrel, which is 15 cents (0.19%) lower than the closing price of the previous session.
Quotes of WTI oil futures for March in e-trading on the New York Mercantile Exchange (NYMEX) fell $0.13 (0.17%) to $74.63 per barrel.
Both brands of oil finished trading at their highest levels since December 26, 2023.
"Traders are beginning to realize that we are unlikely to see a recession in the economy,” Phil Flynn, senior market analyst at Price Futures Group, told MarketWatch. "This raises demand forecasts at a time when the supply situation is quite difficult. Demand will exceed expectations if the economy continues to increase and supply shortages could worsen later this year,” he added.
City Index and FOREX.com analyst Fawad Razaqzada also noted an improvement in the attitude of market participants towards risky assets, as evidenced by the growth of American stock indices. Positive sentiment in the stock market "is helping to increase appetite for other risk assets, including oil."
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