Oil rose 18 percent this month, which marks its best January performance to date. The surge comes despite weak economic data flowing from China, the world’s second largest consumer when it comes to oil.
That performance is reflecting in the United States Oil (NYSEArca: USO) ETF, which is up 17 percent in January through Wednesday’s close.
U.S. West Texas Intermediate crude prices were at $53.79 a barrel, and posted an 18.5 percent monthly gain for January. This was WTI crude’s biggest increase since April 2016 and also its best January since the futures began trading in 1983.
Brent crude is at $61.90 a barrel, which on pace to rise 15 percent in January–its best month since April 2016.
Energy information provider Argus Media, said producer cuts will eventually help level oil prices again as 2019 wears on.
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