Oil prices soars 2% hitting highest levels in 4 months

Oil prices rose about 2% to the highest level in four months, Monday, supported by a decline in crude exports from Iraq and Saudi Arabia and signs of increased demand and economic growth in China and the United States.

Brent crude futures rose $1.45, or 1.7%, to $86.79 per barrel. While US West Texas Intermediate crude rose $1.54, or 1.9%, to $82.58.

Brent crude oil headed towards its highest close since November 2) and West Texas Intermediate crude recorded its highest close since October 27.

In other energy markets, US gasoline futures were on track to close at their highest price since August 2023.