Brent Passes $80 Amid Middle East Tensions and Positive U.S. Data

Heading for the fourth consecutive days of gains, oil prices continued to trade up on Monday, with the U.S. crude benchmark gaining well over 2% buoyed by consistent escalation of conflict in the Middle East, and despite OPEC’s lowering of its global demand growth forecast earlier in the day.  At 11:57 a.m. ET on Monday, WTI was trading up 2.26% at $78.58 per barrel, while Brent crude was trading up 1.81% at $81.10.  Oil prices are also being driven upwards by new U.S. economic data, which has worked to dampen fears of a recession. …