Brent crude futures, which tanked by ~6% on Friday, increased by $1.71 or 2.9% on Monday to stand at $60.51 a barrel. U.S. West Texas Intermediate crude futures, which sank nearly 7.7% on Friday, rose by $1.28 or 2.5% to stand at $51.70 a barrel.
Although the gains partly made up for Friday’s losses, oil and gas analysts are of the opinion that uncertainty over global economic growth limited gains and they are concerned whether oil can hold on to the $60 mark, considering broad market weakness.
With the International Energy Agency already revising their initial estimate for the demand growth rate from 1.5 million barrels per day to 1.4 million barrels per day in just three months, analysts aren’t expecting any sustainable long-term oil price gain.