Oil prices shake off weak China data to kick off week with gains
Futures Movers
Published:
Oil futures rose Monday, shaking off another round of lackluster data from China as investors await a decision by the Federal Reserve this week that’s expected to center on how much to cut its key interest rate.
Price moves
- West Texas Intermediate crude CL00 for October delivery CL.1 CLV24 rose 49 cents, or 0.7%, to $69.14 a barrel on the New York Mercantile Exchange
- November Brent crude BRN00 BRNX24 , the global benchmark, was up 40 cents, or 0.6%, at $72.01 a barrel on ICE Futures Europe.
Market drivers
Oil bounced last week after both WTI and Brent ended Tuesday at their lowest since December 2021, finding support from Hurricane Francine as it forced the shutdown of offshore oil and gas rigs in the Gulf of Mexico.
About the Author
William Watts is MarketWatch markets editor. In addition to managing markets coverage, he writes about stocks, bonds, currencies and commodities, including oil. He also writes about global macro issues and trading strategies. During his time at MarketWatch, Watts has served in key roles in the Frankfurt, London, New York and Washington, D.C., newsrooms.