LONDON: Oil prices were mixed on Monday, with Brent crude edging higher on tighter supplies and positive economic data, while U.S. benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb fuel demand in the United States.
Brent crude was up 6 cents, or 0.1%, at $42.86 per barrel by 1340 GMT. U.S. West Texas Intermediate (WTI) crude was down 40 cents, or 1%, at $40.25.
“We believe that oil market participants are focusing on the current demand trends but are still ignoring the long-term implications of the corona pandemic,” Commerzbank analyst Eugen Weinberg said.
