Oil steady as hopeful economic data face spike in virus cases - Reuters

Oil steady as hopeful economic data face spike in virus cases - Reuters:

Oil futures ended largely steady on Monday as positive economic data supported prices, while a spike in coronavirus cases in the United States that could curb fuel demand pressured prices.

Brent crude LCOc1 settled at $43.10 a barrel, up 30 cents. U.S. West Texas Intermediate (WTI) crude CLc1 settled at $40.63 a barrel, down 2 cents.

“The competing forces in the oil market right now are the reopening of economies around the world, increasing oil demand, countered by concerns about economies closing around the world due to a resurgence in the number of virus cases,” Andy Lipow, president of consultants Lipow Oil Associates.

In the first five days of July, 16 states reported record increases in new cases of COVID-19, which has infected nearly 3 million Americans and killed more than 130,000, according to a Reuters tally.