Crude oil futures ended sharply higher on Monday amid expectations of tightening supplies in Canada and elsewhere. According to reports, wildfires in Alberta, Canada, has resulted in the shutting down of large quantity of crude supply. As per report, close to 300,000 barrels of oil equivalent per day production was shut last week in Alberta. Also, some support came amid speculation that OPEC and allies will plan additional output cuts during the second half of the current year. Though, upside remained capped amid concerns about the outlook for demand amid fears of a potential recession in the U.S.
Benchmark crude oil futures for June delivery rose $1.07 or about 1.5 percent to settle at $71.11 a barrel on the New York Mercantile Exchange. Brent crude for July delivery added $1.06 or about 1.4 percent to settle at $75.23 a barrel on London's Intercontinental Exchange.
Start Research-backed Investing ...Now. Subscribe to Sapphire
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: