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7/27, 9:10 PM (Source: TeleTrader)
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Oil turns positive on economic recovery hopes

Prices of crude rebounded from losses recorded earlier on Monday to trade in the positive territory as investors' hopes over the economic recovery following the coronavirus crisis increase.

White House Economic Adviser Larry Kudlow claimed that the V-shaped recovery is "still intact," expecting "solid" data figures in July. Meanwhile, June's figure on new orders for manufactured durable goods in the United States was 7.3% higher compared to the previous month.

The West Texas Intermediate (WTI) for September delivery gained 0.80% at 2:57 pm ET, going for $41.62 per barrel, while Brent for the same month's settlement added 0.25% to sell at $43.52 per barrel at the same time.

Breaking the News / GA