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(Bloomberg) Oil advanced toward $64 a barrel as more signs the U.S. economy is rapidly bouncing back from the pandemic outweighed concern a revival of the Iranian nuclear deal will lead to an increase in global supply.
West Texas Intermediate was 0.6% higher, after rising 2.5% on Friday. The spread of coronavirus in the U.S. has slowed further, with the country ending its first week since June with no days of infections exceeding 30,000. Death rates continue to ebb in France and Italy, boding well for energy consumption.
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Oil advanced above $64 a barrel as more signs the U.S. economy is rapidly bouncing back from the pandemic outweighed concern a revival of the Iranian nuclear deal will lead to an increase in global supply.
(Bloomberg) Oil advanced above $64 a barrel as more signs the U.S. economy is rapidly bouncing back from the pandemic outweighed concern a revival of the Iranian nuclear deal will lead to an increase in global supply.
West Texas Intermediate was 0.8% higher, after rising 2.5% on Friday. The spread of coronavirus in the U.S. has slowed further, with the country ending its first week since June with no days of infections exceeding 30,000. Death rates continue to ebb in France and Italy, boding well for energy consumption.
جريدة البلاد | تعافي الاقتصادات الكبرى يدعم صعود النفط رغم مخاوف الإمدادات الإيرانية albiladpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albiladpress.com Daily Mail and Mail on Sunday newspapers.
Oil Dips With Stronger Dollar After Saudis Defend Output Hike
Bloomberg 1 hr ago Sharon Cho and Alex Longley
(Bloomberg) Oil dipped, weighed by a stronger dollar and after Saudi Arabia said it was confident that OPEC+ was right in agreeing to raise output.
West Texas Intermediate futures gave up early gains to trade 0.5% lower, though prices remain within the $5 range they’ve been holding since mid-March. The dollar rose, making commodities priced in the currency more expensive.
Traders continue to await a potential recovery in consumption. While the roll out of vaccines is showing signs of boosting demand in places like the U.S. and U.K., cases continue to spread rapidly elsewhere. India, the world’s third-largest oil importer, posted a record number of cases this week while Japan is set to reimpose lockdowns in Tokyo, Kyoto and Okinawa.