Oil prices reach two-month high
- Alexangel Ventura
- Jun 11
- 1 min read
The price of crude oil as listed on the stock market reached a two-month high, reflecting international economic and diplomatic concerns.
As of Wednesday, June 11th, crude oil prices rose to $66.54 per barrel (Brent Crude Oil) and $63.82 per barrel (West Texas Intermediate). These prices reflect a two-month high as prices all across the board rise, per May's CPI report.
This shift reflects growing hope for free trade as U.S.-China trade talks progress, and Middle East tensions ease for now. In addition, the U.S. and UK agreed to a trade deal compromise, with the UK holding some of the world's largest oil conglomerates, such as Royal Dutch Shell and BP (British Petroleum).
Oil stocks performed well throughout the day, with Exxon Mobil Corporation rising 1.95% and continuing its momentum in the after hours. Other oil companies, like COP and OXY, were also bullish today.
