Oil prices back on the rise on U.S. stimulus hopes, Iraq output cut – Investing.com
MELBOURNE (Reuters) – Oil prices climbed in early trade on Monday, clawing back over half of Friday’s losses, on hopes for a stimulus deal to shore up the U.S. economic recovery and a pledge from Iraq to deepen its crude oil supply cuts.
U.S. West Texas Intermediate (WTI) crude (CLc1) futures rose 49 cents, or 1.2%, to $41.71 a barrel at 0010 GMT, while Brent crude (LCOc1) futures were up 40 cents, or 0.9%, at $44.80 a barrel.
While both benchmark contracts fell on Friday, hurt by demand conce…
