icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Oil climbs over $67 as strong demand in US & China counters concerns over surging Covid cases in India 

Oil climbs over $67 as strong demand in US & China counters concerns over surging Covid cases in India 
Global crude prices advanced as optimism over heavy demand by the world’s major consumers, China and the US, offset falling demand in India, which is currently battling the second wave of the Covid-19 pandemic.

Brent crude futures for July delivery rose 1.20% to $67.56 a barrel at 14:36 GMT, while West Texas Intermediate crude futures for June delivery were up 1.15%, trading at $64.31. Oil prices also pushed higher after Brussels announced plans for easing the existing travel restrictions for vaccinated tourists over the upcoming summer season.

The rally across US equity markets supported crude prices, as a weaker dollar made commodities priced in the currency more attractive for investors.

Also on rt.com Oil to hit $80 on largest ever demand jump – Goldman Sachs

“It’s a good-news/bad-news scenario on the demand front, with various re-openings offsetting surging cases elsewhere,” John Kilduff, a partner at Again Capital LLC told Bloomberg, adding that prices “would be considerably higher if it wasn’t for what’s going on in India and the drag that represents on the market.”

On Monday, India reported more than 300,000 new Covid-19 cases for the 12th day in row. So far, the new wave of the coronavirus pandemic has evoked a significant drop in fuel sales for the world’s third-largest consumer.

For more stories on economy & finance visit RT's business section

Podcasts