Oil climbs as demand optimism overshadows India Covid-19 infection worries
SINGAPORE (Reuters) – Oil prices climbed on Monday as optimism about a strong rebound in fuel demand in developed countries and China in the second half of the year overshadowed growing concerns of a full lockdown in India to curb the COVID-19 pandemic.
Brent crude futures for July gained 36 cents, or 0.5%, to $67.12 a barrel by 0045 GMT while U.S. West Texas Intermediate for June was at $63.94 a barrel, up 36 cents, or 0.6%.
Vaccinations are expected to lift global oil demand, especially during peak travel season in the third quarter, prompting analysts to increase their forecasts for Brent prices for a fifth straight month, a Reuters poll showed.
