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Oil prices edge up on stimulus support despite ample supplies

31 August 2020 07:34 (UTC +04:00)

Oil prices nudged up on Monday, with Brent futures set to post a fifth straight monthly gain, as global stimulus measures underpin prices even as demand struggles to return to pre-COVID levels in a well supplied market, APA reports quoting Reuters.

Brent crude futures for November LCOc1 climbed 27 cents, or 0.6%, to $46.08 a barrel by 0038 GMT, while U.S. West Texas Intermediate crude CLc1 was at $43.11 a barrel, up 14 cents, or 0.3%.

Brent is set to close out August with a fifth successive monthly price rise, having peaked at $46.23 a barrel on Aug. 5, the highest level since March. WTI is on track for a fourth monthly rise, reaching $43.78 a barrel on Aug. 26 when Hurricane Laura struck.

Oil markets largely shrugged off the hurricane’s impact on Friday as energy companies continued efforts to restore operations at U.S. Gulf Coast offshore platforms and refineries shut before the storm.