Monday 6 July 2020

Oil up on tighter supply, expectations for positive data - Reuters

Oil up on tighter supply, expectations for positive data - Reuters:

Oil prices rose on Monday, supported by tighter supplies and a string of data expected to show economic recovery across the globe and despite a spike in coronavirus cases in the United States and other countries.

Brent crude LCOc1 was up 73 cents, or 1.7%, to $43.53 per barrel by 0808 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 was up 28 cents, or 0.7%, at $40.93.

“The market appears to be shrugging off the surge in COVID-19 cases in the United States,” ING said, adding that data for several cities in affected states did not show a significant reduction in road traffic week on week.

Market sentiment was also positive as investors expected a string of improving economic data.

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