The gains only dented what has been another dismal month for oil prices. The U.S. benchmark skidded more than 9% on a mix of the continued global glut of crude and concerns over a slowdown in Chinese energy demand. The monthly loss is the third in a row; prices have plunged nearly 28% over that period.
March West Texas Intermediate crude CLH6, +1.57% tacked on 40 cents, or 1.2%, to settle at $33.62 a barrel on the New York Mercantile Exchange, the highest settlement since Jan. 6. Prices, based on the most-active contracts, gained 4.4% for the week, but lost about 9.2% for the month.
March Brent crude LCOH6, +2.48% rose 85 cents, or 2.5%, to end at $34.74 a barrel, retreating from a high of $35 on London’s ICE Futures exchange. The contract, which expired at the settlement, rose 7.9% for the week, but lost 7.8% for the month, FactSet data show.
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