ACCORDING to a CCTV report, Brent Crude, the benchmark used for the light oil market in Europe, Africa, and the Middle East, traded 4.53% higher at $88.41 a barrel, whereas West Texas Intermediate, the benchmark for the U.S. light oil market, futures rose 4.69% to $88.67 per barrel.
The price increases mark a bounce from a downtrend last week when concerns about high interest rates and their impact on global oil demand resulted in the largest weekly decline since March.
Analysts said it remains to be seen whether oil prices will return to the late September highs and if the Middle East conflict intensifies, major producers in the region could be impacted.
