U.S. oil prices mark highest settlement since 2018
Oil futures finished higher on Thursday, with U.S. prices at their highest since 2018, as some upbeat U.S. economic data boosted prospects for energy demand, prompting prices to stretch their streak of gains into a fifth-straight session.
The U.S. economy expanded at an annualized 6.4% pace in the first quarter unrevised from the prior estimate released last month, while initial jobless claims sank 38,000 to 406,000 in the week ended May 22, down for a fourth week in a row.
West Texas Intermediate crude for July delivery CL00, 0.42% CLN21, 0.42% rose 64 cents, or 1%, to settle at $66.85 a barrel on the New York Mercantile Exchange. That was the highest front-month contract settlement since October 29, 2018, according to Dow Jones Market Data.
The front-month July Brent crude BRNN21, 0.48%, the global benchmark, tacked on 59 cents, or 0.9%, to end at $69.46 a barrel on ICE Futures Europe, the highest front-month finish since May 17 of this year. The most active August Brent contract BRNQ21, 0.27% BRN00, 0.27%, which becomes the front month after Friday’s session, settled at $69.20, up 47 cents, or 0.7%.
WTI and Brent futures have no climbed for five sessions in a row, the longest streak of gains since February.
Crude remains stuck in a trading range this week, with support tied to signs of good demand ahead of the kickoff of the U.S. summer driving season this weekend.
Reference: Market Watch
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