KONTAN.CO.ID - LONDON. Oil rose on Monday as supply concerns driven by lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of demand-sapping global recession. Euro zone inflation hit yet another record high in June, strengthening the case for rapid European Central Bank rate increases, while U.S. consumer sentiment hit a record low. Brent crude rose $1.55, or 1.4%, to $113.18 a barrel by 1318 GMT after falling more than $1 in early trade. U.S. West Texas Intermediate (WTI) crude rose $1.34, or 1.2%, to $109.77.
Oil Rises As Tight Supply Trumps Recession Fears
KONTAN.CO.ID - LONDON. Oil rose on Monday as supply concerns driven by lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of demand-sapping global recession. Euro zone inflation hit yet another record high in June, strengthening the case for rapid European Central Bank rate increases, while U.S. consumer sentiment hit a record low. Brent crude rose $1.55, or 1.4%, to $113.18 a barrel by 1318 GMT after falling more than $1 in early trade. U.S. West Texas Intermediate (WTI) crude rose $1.34, or 1.2%, to $109.77.