Oil rebounds with equities offsetting the return of Opec+ supply

Oil erased losses as strong equities offset the return of Opec+ supply to a market already hit by a pandemic-driven demand slump.

Equity indices in the US, Europe and Asia ticked higher, with the S&P 500 Index rising for a third straight session amid speculation that lawmakers would move forward on a stimulus bill. Still, rising Opec crude output is keeping a lid on the rally.

The market is looking for its next clear signal, with a slew of mixed data pressuring it on either side. In Europe, airline EasyJet said it would add additional flights after better-than-expected demand for travel over the summer.
China’s vehicle sales jumped in July compared with the previous year, but state-owned refiner Sinopec has been processing less oil because of flooding.