Commodities
Oil Advances as Risk-On Sentiment Helps to Support Commodities
- S&P 500 benchmark hits 30th record this year, supporting crude
- WTI settles above $81 a barrel for second straight solid gain
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Oil rose to the highest in more than a month as risk-on sentiment bolsters broader global markets.
West Texas Intermediate climbed 1.5% to settle above $81 a barrel, reaching the highest closing price in seven weeks. Equity markets have been on a tear, with the S&P 500 hitting its 30th record this year, aiding crude in recent sessions. Key oil timespreads have also indicated a tightening market.