Crude oil futures were trending higher as hopes of a demand-led recovery seemed to win over growing concerns regarding the health of the global economy, particularly in key economies in the U.S. and Europe.
Brent crude was trading at $82.57/barrel at 12:24 p.m. EST, up 1.11%, compared to Friday’s settlement of $81.66/barrel, having tested monthly lows at below $80.50/barrel. Meanwhile, West Texas Intermediate (WTI) was trading at $78.67/barrel, up 1.03%, versus Friday’s close of $77.87/barrel.
Oil prices have been finding support as investors increase net long positions on crude and most refined oil products as signs of a tightening oil market compete with concerns over the economic outlook.
Echo Energy plc (LON:ECHO) is a full cycle, exploration led, oil and gas focused AIM-listed E&P with an exciting asset base in Latin America.