Oil prices gain as traders mull demand cues, supply prospects MarketWatch 33 mins ago
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Oil futures gained on Monday, finding some support from reports of a production halt at some Libyan oil fields, as traders mulled the latest signals for crude demand outlook, as well as prospects for global supplies.
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There is some chatter about demand concerns “with new lockdown measures being imposed in India and other COVID-19 hotspots around the globe, however, so far the cautious news flow is not enough to derail the 2021 rally,” Tyler Richey, co-editor at Sevens Report Research, told MarketWatch.
Still, this year’s energy rally has lost momentum in recent weeks and U.S. benchmark crude prices have “fallen into a sideways trading range since the highs of early March were established,” he said.