Oil prices climb on favourable outlook for United States fuel demand

TOKYO (Reuters) – Oil was little changed on Monday amid hopes that fuel demand is picking up in the U.S. as the summer driving season approaches and COVID-19 vaccinations there accelerate, although rising case numbers in other countries are keeping a lid on prices.

Brent was up 2 cents at $62.97 a barrel by 0510 GMT, having risen to as high as $63.30. U.S. crude gained 1 cent to $59.49 a barrel, after rising as much as 46 cents earlier.

Prices have changed little since a period of volatile trading ended last Monday.

“At the moment, the market lacks direction,” the Schork Report, founded by Stephen Schork, said in a note. “We are waiting for a breakout of the current range.”