Oil Hits Three Month High

Crude oil gained on the Brent and West Texas Intermediate markets on Monday morning. Brent reached $39.50 per barrel on March 7th and WTI reached $36.53. Monday’s highs were more than 40% above the lowest prices in February. Price gains were based on a rally on the Asian equities market, and continued reduction of oil rig counts in the U. S., both indicators of supply and demand balance.