Oil on the rise, geopolitical tensions and rebound of the euro after the first round in France

London: Oil prices were moving in positive territory on Monday, driven by the escalation of tensions in the Middle East and the outlook for more robust Chinese demand, but also by the rise of the euro against the dollar after the first round of legislative elections in France.

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Around 10:15 a.m. GMT (12:15 p.m. CET), the price of a barrel of Brent BRENT Brent or North Sea crude is a variation of crude oil that serves as a reference in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It has become the first international standard for fixing oil prices. from the North Sea, for delivery in September, which is the first day of use as a reference contract, won 0,28% has 85,24 dollars.

Its American equivalent, the barrel of West Texas Intermediate (WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variation of crude oil that serves as a standard in determining the price of crude oil and as a raw material for oil futures contracts on the New York Mercantile Exchange (Nymex), the energy exchange specializing in energy.), for delivery in August, rose by 0,25% has 81,74 dollars.

Oil is “driven by escalating tensions between Israel and Hezbollah and a strong Chinese manufacturing PMI“, summarized DNB analysts.

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