Crude Prices Rally

Crude Prices RallyCrude Prices Rally

Oil rallied on Monday, lifted by a wave of investor confidence and a weaker dollar after polls showed a diminishing chance that Britain may vote to leave the European Union later this week. August Brent crude futures were up $1.19, or 2.4%, at $50.36 a barrel, set for a gain of 6% in two trading days. US crude for July delivery, which expires on Tuesday, was up $1.18, or 2.5%, at $49.16 a barrel, CNBC reported. Oil prices continued to recover despite data showing US energy firms adding oil rigs for a third week in a row, suggesting higher production to come. Oil services firm Baker Hughes reported nine rig additions in the week to June 17. Some analysts say the market is likely to be caught in a range, as any gains would likely be limited by the return of more shale drillers in the United States.