Oil demand is picking up but will be muted this summer: Analyst
The Schork Group principal Stephen Schork argues oil demand is picking up but that it is partially due to barrels moving into the Strategic Petroleum Reserve.
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TOKYO (Reuters) – Oil prices rose on Monday, erasing earlier losses, as countries around the world continued to ease lockdown measures imposed to combat the coronavirus pandemic, boosting hopes for a recovery in fuel demand.
Amid quiet trading, with financial centres Singapore, London and New York all closed for holidays, Brent was up 6 cents, or 0.2%, at $35.19 a barrel by 0636 GMT. U.S. oil had gained 27 cents, or 0.82%, at $33.52 a barrel.
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Both contracts have risen for the past four weeks, although prices are still down around 45% so far this year.
"Oil markets are focused on the potential for an easing of lockdown measures," said Michael McCarthy, chief market strategist at CMC Markets in Sydney.