Crude oil price recovered from early losses Monday to resume the longest stretch of rallies for eight days in a row, the longest in more than five years, THISDAY reports.
Reuters reported that the development was an indication of reducing influence of US output on the global market, though analysts said news of rising production by the Organisation of Petroleum Exporting Countries (OPEC) could still cap gains. The global benchmark, Brent crude traded at $49.03 per barrel, after recovering from a session low of $48.54.
The price rose 5.2 per cent last week for a first weekly gain in almost six years. With yesterday’s rallies, the benchmark Brent price has risen for eight trading days in a row, the longest unbroken stretch of gains since February 2012. US crude futures rose 28 cents to $46.32.