Crude Prices Gained Over +1% as Chinese Exports Soared

Commodities were higher on a largely quiet day. Crude oil prices gained as Chinese exports soared +7% y/y in May, raising hopes of improving global demand. Yet, the upside was capped amid higher US shale output forecast and greater OPEC production. The front-month contract for WTI crude oil rose to a 8-week high of 1045.7 before settling at 1044.1, up +1.70%, while the Brent crude contract jumped to as high as 110.16 before ending the day at 109.99, up +1.27%.

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Crude Prices Gained Over +1% as Chinese Exports Soared