Oil futures erased an early loss, surging into the closing bell as traders finished out July with the biggest monthly percentage gain since April 2016. On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in September CLU7, +0.18% rose 46 cents, or 0.9%, to $50.17 a barrel, its highest close since May 24. For the month, the U.S. benchmark advanced 9%. September Brent crude LCOU7, +2.19% rose 13 cents, or 0.3%, to settle at $52.65 a barrel and notched a monthly gain of 9.9%, its largest since December. Oil had drifted lower amid choppy trading conditions in earlier activity as investors weighed the potential for the U.S. to impose sanctions against Venezuela — a member of the Organization of the Petroleum Exporting Countries and a major exporter of oil to the U.S. — after a referendum over the weekend.
CLICK HERE TO READ THE ENTIRE ARTICLE BY THE ORIGINAL PUBLISHER
Written by William Watts and Sara Sjolin at MarketWatch