Berlin: Oil prices: Oil prices held on to most of the strong gains recorded in the previous session during early trading today. Brent crude futures rose by 6 cents, or 0.06%, to $95.04 a barrel. US West Texas Intermediate (WTI) crude futures fell by 17 cents, or 0.18%, to $91.99. Both benchmarks jumped by more than 5% in the previous session.

According to Qatar News Agency, Brent crude ended last May down about 19%, while West Texas Intermediate fell around 17%, marking their largest monthly decline on record since March 2020. Despite the early trading fluctuations, the current prices reflect a stabilization following these significant declines.

The recent gains are seen as a recovery effort after the substantial drops witnessed in May. The increases in the benchmarks come amid ongoing market adjustments and reactions to global economic indicators and geopolitical factors influencing oil supply and demand dynamics.

Market analysts are closely monitoring the situation to understand whether the current gains will be sustained or if further volatility can be expected in the near term. The oil market continues to react to a mix of factors, including production levels, international trade policies, and economic recovery signals.