Brent Crude futures gained 15 cents, or 0.4%, at $43.43 per barrel, while West Texas Intermediate (WTI) edged up 2 cents to $40.83 on the second day of the business week.
According to media reports, investors hope for a recovery in oil demand against fears of new lockdown. The closing prices of both Brent and WTI have traded within a $2 channel so far this month.
On Monday, the price of benchmark U.S oil added 6 cents to $40.87 a barrel in electronic trading on the New York Mercantile Exchange.
It gained 22 cents to $40.81 a barrel.In addition to this, Brent crude oil, the international standard, rose 8 cents to $43.36 a barrel. The euro rose to $1.1461 from $1.1444.
Asian Markets
On the other hand, Asian shares in the international market boosted amid the vaccine hopes to tackle the novel coronavirus outbreak.
Japan’s benchmark Nikkei 225 gained 0.6% in morning trading to 22,856.71.
South Korea’s Kospi jumped 1.3% to 2,227.56.
Australia’s S&P/ASX 200 added 1.5% to 6,088.90.
Hong Kong’s Hang Seng rose 1.5% to 25,444.61.
While the Shanghai Composite edged 0.1% higher, to 3,316.56.
Amazon led the way higher in the S&P 500 with a 7.9% gain.
Microsoft also helped lift the market, rising 4.3%.
Noble Energy climbed 5.4% after the company agreed to be acquired by Chevron for $5 billion.
The S&P 500 gained 0.8% to 3,251.84.
The Dow Jones Industrial Average, which was down for most of the day, inched just 0.1% higher, to 26,680.87.
The Nasdaq had its best day since the end of April, climbing 2.5% to 10,767.09.
The Russell 2000 index of small company stocks gave up 0.4% to 1,467.95.
More than 14.6 million people have been reported to be infected by the novel coronavirus globally and 606,979 have died.
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