LONDON : Oil prices rose on Monday, supported by tighter supplies and a string of data expected to show economic recovery across the globe and despite a spike in coronavirus cases in the United States and other countries.
Brent crude was up 73 cents, or 1.7%, to $43.53 per barrel by 0808 GMT. U.S. West Texas Intermediate (WTI) crude was up 28 cents, or 0.7%, at $40.93.
“The market appears to be shrugging off the surge in COVID-19 cases in the United States,” ING said, adding that data for several cities in affected states did not show a significant reduction in road traffic week on week.
