Oil rises on improving economic data but new coronavirus cases loom - Reuters

Oil rises on improving economic data but new coronavirus cases loom - Reuters:

Oil prices rose about $1 a barrel on Monday, after bullish data from Asia and Europe, but investors are wary about sharp spikes in new coronavirus infections around the world.

Brent crude LCOc1 gained 69 cents, or 1.7%, to settle at $41.71 a barrel. U.S. crude CLc1 rose $1.21, or 3.1%, to settle at $39.70 a barrel.

The recovery of economic sentiment in the euro zone intensified in June with improvements across all sectors, European Commission data showed on Monday. Overall sentiment rose to 75.7 points in June from 67.5 in May, though still short of expectations.

In China, profits at industrial firms rose for the first time in six months in May, suggesting the country’s economic recovery is gaining traction.

U.S. stock indexes, which broadly rose on Monday, also added support for oil prices, which at times track with equities.