Oil breaks above $60/bbl, but doubts about growth curb gains | Reuters

Oil breaks above $60/bbl, but doubts about growth curb gains | Reuters:

Oil prices rose nearly 3 percent on Monday, clawing back some of last week’s steep losses, but gains were capped by uncertainty over global economic growth and further signs of increasing supply, including record Saudi production.

Brent crude LCOc1 futures rose $1.68 to settle at $60.48 a barrel, a 2.9 percent gain. U.S. West Texas Intermediate (WTI) crude CLc1 gained $1.21, or 2.4 percent, to close at $51.63 a barrel.

Prices on Friday hit their lowest since October 2017 amid intensifying fears of a supply glut. Brent sank to $58.41 a barrel, while WTI fell to $50.15 a barrel.