Prices of oil futures reversed course on Monday, rising over 1% after recently documenting the lowest point since January 2022. A potential recession that could come as a consequence of faster monetary tightening by central banks around the world has possibly affected the oil market and the demand prospects in particular over the past few months.
West Texas Intermediate (WTI) for settlements in November increased 1.71% to $80.11 per barrel at 10:14 am ET, while Brent for deliveries in the same month was up 1.52% to $87.41 per barrel at the same time.
