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Oil prices rise adding to strong first quarter gains

Crude oil futures rose in the first day of second quarter trading Monday, adding to commodity's streak of gains this year.

The West Texas Intermediate contract for May delivery gained 98 cents, or 1.18%, to $84.15 a barrel. The Brent contract for June delivery added 68 cents, or 0.78%, to $87.68 a barrel.

U.S. crude and Brent have booked three consecutive months of gains. WTI is up 17.6% for the year while Brent has risen 13.9%.

Oil has been grinding higher in 2024 on expectations of strong global demand as OPEC+ holds barrels off the market through at least the second quarter.

Geopolitical risk also remains present in the market as Ukraine strikes Russian oil refineries, and Houthi militant attacks in the Red Sea have led to the diversion of crude deliveries around the Cape of Good Hope in southern Africa.