Global oil prices continued their upward trajectory, driven by supply shortage concerns, with Brent crude futures rising to $116.71 and West Texas Intermediate (WTI) to $103.41.
Oil prices in global markets registered a noticeable increase at the opening of weekend trading, driven by mounting concerns over supply shortages in international energy markets. This put crude on track to achieve gains for the fourth consecutive month, in its strongest performance since last July.
Performance of Brent and WTI Futures Contracts
Spot and futures trading of crude oil reflected clear price jumps per barrel:
Brent Crude: Futures rose by about $1.83 per barrel, a 1.59% increase, with trading settling at $116.71 per barrel.
West Texas Intermediate (WTI): US crude futures achieved gains of $1.41 per barrel, a 1.38% increase, reaching $103.41 per barrel.
Monthly Upward Indicators and Global Energy Markets
The monthly trading tally points to record gains supporting price stabilization at elevated levels:
Brent crude is heading toward closing the month with total gains of nearly 15%.
US WTI crude is recording a monthly gain pace reaching approximately 16%.
Both crudes are stabilizing above the $100 per barrel mark for the first time since April, reinforcing expectations that the upward momentum in energy markets will continue amid tight supply and high global demand levels.
