Crude Oil Prices Start the Week a Touch Lower

Crude oil prices started the week on the back foot on Monday, but remained close to their best levels in months amid optimism that the crude market was well on its way towards rebalancing.

U.S. West Texas Intermediate (WTI) crude futures shed 11 cents, or around 0.2%, to $51.56 a barrel by 3:20AM ET (0720GMT), remaining within sight of a five-month high reached last week.

WTI prices gained around 2% last week to notch their fourth-straight weekly climb. It ended September with an increase of roughly 9.5% and saw quarterly rise of about 12%.

Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., dipped 23 cents, or about 0.4%, to $56.56 a barrel. It had reached its highest in more than two years last week.

The global benchmark closed last week with a gain of 1.2%, its fifth-consecutive weekly climb. Brent futures scored a nearly 10% gain for September and ended the quarter up roughly 19%.
more at:  https://www.investing.com/news/commodities-news/crude-oil-prices-start-the-week-a-touch-lower-535232

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