Oil prices extended their rally for the sixth consecutive day, buoyed by a surge in global market confidence. Investors remain bullish as improved sentiment in equity markets spills over into commodities, fueling a rise in crude prices. Brent crude edged closer to $80 a barrel, while U.S. West Texas Intermediate (WTI) maintained gains near $76, reflecting sustained demand optimism.
This upward momentum aligns with recent indications of easing inflationary pressures and expectations for resilient energy consumption in the months ahead. Analysts suggest the combination of reduced recession fears and tighter supply dynamics has bolstered oil’s recovery. However, concerns over potential geopolitical disruptions continue to loom, adding volatility to the outlook.
