Oil prices climb on favourable outlook for US fuel demand
Oil rose on Monday amid hopes that fuel demand is picking up in the United States as the summer driving season approaches and the rollout of COVID-19 vaccinations there accelerates, though increasing case numbers in other countries are set to cap gains.
Brent was up 25 cents, or 0.4%, at $63.20 a barrel by 0155 GMT. U.S. crude gained 17 cents, or 0.3%, to $59.49 a barrel.
Prices have changed little since a period of volatile trading ended with the close of trading last Monday.
“An unsettling calm has enveloped oil markets recently as Brent remains anchored around $63 and traders adopt a wait=and-see range-trade mentality,” said Stephen Innes, chief market strategist at Axi.
