Crude oil futures settled at three-month highs June 5 amid improved demand outlooks following better-than-expected US economic data and declining drilling rig counts. NYMEX July WTI settled $2.14 higher at $39.55/b and ICE August Brent was up $2.31 on the day at $42.30/b. Front-month WTI and Brent was last higher on March 6, the date that disagreement between Moscow and Riyadh led to the collapse of an OPEC+ production cut agreement. US non-farm payrolls increased by 2.5 million jobs in May, the Department of Labor Bureau of Labor Statistics reported, far exceeding market expectations for a fall of a more than 7 million jobs. The increase pushed […]