Oil extends first-quarter gains on tight supply, economic optimism GlobeBusiness
Oil rose on Monday, building on its largest first-quarter gains in nearly a decade, as tight supply and positive signs for the global economy supported prices.
U.S. West Texas Intermediate futures rose 56 cents, or 0.93 per cent, to $60.70 a barrel, after gaining 32 percent in the first quarter.Positive Chinese factory gauges and signs of progress in Sino-U.S. trade talks have boosted sentiment, helping to buoy regional stock markets. The United States and China said they made progress in trade talks that concluded on Friday in Beijing, with Washington saying the negotiations were “candid and constructive” as the world’s two largest economies try to resolve their trade war.
Hedge funds and other money managers raised their net long U.S. crude futures and options positions to 243,209 in the week to March 26, the U.S. Commodity Futures Trading Commission said.
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