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Crude Prices Rose Over 2 Percent To Close At $56.2 Per Barrel - Research Icon

On Monday, WTI Crude prices rose over 2 percent to close at $56.2 per barrel. Prices were pushed higher after the weekend attack on the Saudi’s Oil facility by the Yemen’s Houthi force. A drone was attacked by the Yemen’s Houthi group further escalating the tension from the Middle East, but the officials of the state said that the oil production was not affected. Prices were further supported after the intense trade war between U.S. & China showed signs of easing of tension as the U.S. stated that it would extend a reprieve that would permits China's Huawei Technologies to continue buying components from U.S. companies. The gains for Crude were capped after the Organization of the Petroleum Exporting Countries (OPEC) trimmed down its forecast its forecast for global oil demand growth in 2019 by 40,000 barrels per day (bpd) to 1.10 million bpd. Bearish approach by the OPEC weighed on the prices.

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