Oil holds near US$60 as uneven recovery holds back further rally

Oil holds near US$60 as uneven recovery holds back further rally

The Edge Markets - World·2021-04-13 15:12

(April 13): Oil was steady near US$60 a barrel in Asian trading as investors assessed an uneven demand outlook amid rising Covid-19 cases in some regions and an impending increase in supply.

Futures in New York edged higher after rising 0.6% Monday. Pockets of higher fuel consumption are emerging as vaccination rates increase, but the flare-up of cases is leading to renewed lockdowns and restrictions in some countries. Adding to the bearish outlook is the prospect for more supply from the U.S. next month, which will coincide with an uptick in output from OPEC+.

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