Oil Runs Sideways, Near 3-Year Highs
NEW YORK (TheStreet) -- Oil prices were little changed on Monday, a weekend after Texas light sweet crude rose to its highest level since March 2012 and surpassed Brent crude prices for the first time since 2010.
The September contract for WTI crude at the New York Mercantile Exchange, which is the most actively traded, was sliding 42 cents to $107.45 a barrel.
WTI temporarily surpassed Brent on July 19 for the first time since October 2010, but this cross in prices was between the WTI August contract and the Brent September contract, Commerzbank AG wrote in a note on Monday.
The WTI August contract expires Monday night, and the price has risen more than 9.5% since the beginning of July.
"This seems to indicate a bull sentiment behind the oil complex," JBC Energy wrote in a note on Monday.
-- Written by Joe Deaux in New York.
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