Oil Wavers With Market Weighing Uneven Global Demand Comeback - Bloomberg

Oil Wavers With Market Weighing Uneven Global Demand Comeback - Bloomberg

• WTI for June delivery fell 4 cents to $61.31 a barrel at 1:12 p.m. in New York
• Brent for June settlement slipped 9 cents to $65.23 a barrel

Oil oscillated near Wednesday’s close as a resurgence of coronavirus in India cast a cloud over signs of strengthening demand in other key economies.

West Texas Intermediate was little changed after flipping between gains and losses in a $1.26 a barrel trading range on Thursday. In India, the world’s third largest oil importer, coronavirus cases have topped 300,000 a day. Concerns around demand there have offset improving gasoline demand in the U.S. and fewest jobless claims since the pandemic began.

“It’s going to be hard for the market to rally,” said Bob Yawger, head of the futures division at Mizuho Securities. “With India posting those kind of case numbers, it could be a drag on the market for a while.”