NEW YORK, May 15 (Xinhua) -- Crude oil futures prices grew on Monday due to concerns about oil supply.
The West Texas Intermediate (WTI) for June delivery increased by 1.07 U.S. dollars, or 1.53 percent, to settle at 71.11 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery added 1.06 U.S. dollars, or 1.43 percent, to settle at 75.23 U.S. dollars a barrel on the London ICE Futures Exchange.
Traders paid attention to interruptions in oil supply as risk appetite stayed buoyant in general on Monday.
WTI oil moved higher as traders focused on the news from Canada where wildfires shut about 300,000 barrels-oil-equivalent-per-day of production and it served as a bullish catalyst for oil prices, according to Vladimir Zernov, analyst with market information supplier FX Empire.
Ceyhan port of Türkiye has yet to resume flows with Iraq, and government approval might take longer given the lack of clarity with Türkiye's presidential election, noted Edward Moya, senior market analyst at OANDA, a supplier of online multi-asset trading services.
Iraq has informed Türkiye about the resumption of oil export operations via the Turkish port of Ceyhan, said the Iraqi oil ministry last Thursday.
The recent sell-off in the oil market looks overcooked and the fact is that the price action is out of sync with oil's fundamentals, according to a research note by PVM Oil Associates on Monday.
"Consequently, there can be little doubt that oil prices are well below what most would argue is fair value and a correction will be only a matter of time," said the report by PVM Oil Associates.
