Oil maintains upward momentum but Covid-19 worries cap gains
Crude climbed on Wednesday after industry data showed US oil inventories declined more than expected and OPEC raised its outlook for oil demand, but gains were capped by worries about the coronavirus and by rising supplies of the energy resource.
Brent crude futures rose 42 cents, or 0.6 per cent, to $64.09 a barrel at 0851 IST, after gaining 39 cents on Tuesday.
US West Texas Intermediate (WTI) crude futures added 40 cents, or 0.7 per cent, to $60.58 a barrel, following Tuesday’s rise of 48 cents.
Signs of a strong economic recovery in China and the United States have underpinned recent oil price gains, but concerns over stalled vaccine rollouts worldwide and soaring Covid-19 infections in India and Brazil have capped gains.
