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Oil Steady as Rise in Virus Cases Offsets Better Data


Monday, 29 June 2020 18:46 WIB

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Oil prices steadied on Monday, supported by improving economic data but held in check by sharp spikes in new coronavirus infections around the world that have forced some countries to impose partial lockdowns.

Brent crude fell 4 cents, or 0.1%, to $40.98 a barrel by 10:31 GMT and U.S. WTI crude was up 7 cents, or 0.2%, at $38.56.

Crude prices found some support as profits at China’s industrial firms rose for the first time in six months in May, suggesting the country's economic recovery is gaining traction.

The recovery of economic sentiment in the euro zone also intensified in June after a modest pick-up in May, with improvements across all sectors and a much more buoyant sense of future business, European Commission data showed.

However, fears of a second wave of the pandemic took the shine off the improving economic data.

Source : Reuters


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