Oil prices climb on favourable outlook for US fuel demand
TOKYO: Oil NSE -4.91 % 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 per cent, at $63.20 a barrel by 0155 GMT. U.S. crude gained 17 cents, or 0.3 per cent, 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.
