5/16, 5:07 PM (Source: TeleTrader)
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Oil futures turn positive, extend gains in volatile session

Oil futures prices moved higher on Monday after being in red territory earlier in the day.

In recent days investors have been showing concern over the COVID situation in China, which has been affecting the demand for crude oil. However, earlier, it was known that Shanghai would begin reducing COVID-19 lockdown restrictions starting June 1.

West Texas Intermediate (WTI) for deliveries in June gained 0.74% at 10:55 am ET to sell for $111.27 per barrel. A minute later, Brent for inventories in July rose by 0.13% to go for $111.73 per barrel.

Baha Breaking News (BBN) / JG