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Oil prices higher on hopes of increased demand

Oil futures finished higher Monday, buoyed by some recovery in energy demand, even with that recovery threatened by the possibility of another round of shutdowns as global cases of COVID-19 top 10 million.

“As global demand recovers, oil’s natural inclination is to go higher, since current prices are below the economic threshold for most producers,” Manish Raj, chief financial officer at Velandera Energy, told MarketWatch.

The market saw upbeat economic data over the weekend from China, the world’s biggest importer of crude. Industrial profits in China for May were up 6% from a year earlier, representing the first increase in 2020, official statistics released over the weekend showed.

Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.