The Economic Times daily newspaper is available online now.

    Crude oil prices rise on improving economic data but virus case jump caps gains

    Synopsis

    US crude rose 44 cents, or 1.1 per cent, to $38.93 a barrel.

    Oil 4 GettyGetty Images
    Brent crude rose 30 cents, or 0.7 per cent, to $41.32 a barrel by 11:12 a.m. EDT (1512 GMT).
    NEW YORK: Oil prices edged higher on Monday, after bullish data from Asia and Europe, but sharp spikes in new coronavirus infections around the world tempered gains.

    Brent crude rose 30 cents, or 0.7 per cent, to $41.32 a barrel by 11:12 a.m. EDT (1512 GMT). US crude rose 44 cents, or 1.1 per cent, to $38.93 a barrel.

    The recovery of economic sentiment in the euro zone intensified in June with improvements across all sectors, European Commission data showed on Monday. Overall sentiment rose to 75.7 points in June from 67.5 in May, though still short of expectations.

    In China, profits at industrial firms rose for the first time in six months in May, suggesting the country's economic recovery is gaining traction.

    But fears of a second wave of the pandemic are keeping prices from going higher. The death toll from COVID-19 surpassed half a million people on Sunday, according to a Reuters tally.
    « Back to recommendation stories
    I don't want to see these stories because
    SUBMIT

    Some states in the United States have reimposed restrictions after jumps in cases. California ordered bars to close on Sunday following similar moves in Texas and Florida. Washington state and the city of San Francisco have paused their reopening plans.

    "Whilst these localised measures on their own are unlikely to see any major immediate impact on demand, they do highlight the significant risk to gasoline demand," JBC Energy said.

    Brent is set to end June with a third consecutive monthly gain after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, extended its 9.7 million barrels-per-day (bpd) supply cut agreement into July.

    "OPEC+ supply cuts have been helping keep the oil price afloat, and after the stellar nearly 90 per cent compliance in May, in the next few days we will be getting data clues on June compliance," said Louise Dickson, Rystad Energy's oil markets analyst.

    OPEC has cut oil output in June by 1.25 million bpd from May levels, according to estimates from tanker-tracking company Petro-Logistics.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in