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Oil Pares Gains With Demand Uncertainty Holding Rally Back
Bloomberg 3 days ago Andres Guerra Luz
(Bloomberg) Oil pared gains with prices struggling to break out of its recent trading range as the market considers the jagged outlook for global fuel consumption.
Futures in New York closed 0.6% higher on Monday after rising as much as 2.4% during the session. An uneven consumption outlook continues to hold oil prices back from rallying significantly past $60 a barrel. Even as fuel demand strengthens in countries like India and the U.S., it is far from a steady recovery worldwide as Covid-19 infections surge and lockdowns are renewed in parts of the Middle East and Europe.
Oil Holds Near $59 as Fed s Powell Points to Economic Growth bloombergquint.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bloombergquint.com Daily Mail and Mail on Sunday newspapers.
Oil Rises Toward $60 as Investors Weigh Near-Term Demand Outlook
Bloomberg 1 hr ago Saket Sundria and Alex Longley
(Bloomberg) Oil gained, nearing $60 a barrel, as investors continued to assess the recovery in consumption globally.
Futures in New York rose as the dollar fell, making commodities priced in the U.S. currency more attractive. Federal Reserve Chair Jerome Powell said that the U.S. economy was poised for stronger growth, but he cautioned that the pandemic remains a threat. That’s been highlighted in other regions including parts of Europe, while another wave of infections in India is overwhelming the health system.