Crude prices rebound in global markets

Crude prices rebound in global markets

Crude prices have climbed to the highest level in more than a week after Saudi Arabia, the world’s biggest crude exporter, increased prices for shipments to Asia.

Futures climbed as much as 5 percent in New York and 5.3 percent in London.

West Texas Intermediate for May settlement climbed $2.34, or 4.8 percent, to $51.48 a barrel at on the New York Mercantile Exchange. The contract earlier rose as far as $51.61, the highest level since March 26, Bloomberg reported.

Meanwhile, Brent for May delivery gained $2.74 to $57.69 on the London-based ICE Futures Europe exchange.

Earlier on Monday, crude prices rebounded in Asian markets on news that a labor strike at a US refinery would end soon.

US benchmark West Texas Intermediate (WTI) climbed 90 cents to $50.04 while Brent gained 69 cents to $55.64 in afternoon trade.

The latest hikes tempered the losses after Iran and P5+1 one group of countries reached an understanding on the political outlines of a final deal over Tehran’s nuclear program.

Oil prices lost nearly 5% on Thursday amid speculations that a final nuclear deal with Tehran could add more crude to an already oversupplied market.