Oil prices are rising sharply

Published 12 August 2024 at 10.26

Economics. Oil prices rose for a fifth day in a row on Monday and are now trading back above $80 a barrel, after a week of more than 3 percent gains for Brent and more than 4 percent for WTI.

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The rally was driven by increased tensions in the Middle East and better-than-expected economic data from the United States, which eased fears of a recession.

Brent oil rose 0.28 percent to close above $80 a barrel, while WTI rose 0.49 percent to $77.22 a barrel.

Expectations of an interest rate cut by the Federal Reserve have also increased, contributing to the price rally.

At the same time, the market is waiting for important inflation data from both the US, India and the UK during the week.