Oil prices climbed for a third consecutive session Monday to mark a fresh high for the year on continued bets for tighter global crude supplies. “Taming the current bullishness will likely rest on non-OPEC production – especially U.S. shale – showing a stronger response to higher prices and lifting global supply,” said Robbie Fraser, manager, global research & analytics at Schneider Electric. “There are early signs of that occurring, but it will need to be stronger and more consistent to reverse course.” October West Texas Intermediate crude CLV23, +1.01% rose 71 cents, or 0.8%, to settle at $91.48 a barrel on the New York Mercantile Exchange.
This article was originally published by Marketwatch.com. Read the original article here.
