Oil climbs over $67 as strong demand in US & China counters concerns over surging Covid cases in India  — RT Business News

Global crude costs superior as optimism over heavy demand by the world’s main shoppers, China and the US, offset falling demand in India, which is at the moment battling the second wave of the Covid-19 pandemic.

Brent crude futures for July supply rose 1.20% to $67.56 a barrel at 14:36 GMT, whereas West Texas Intermediate crude futures for June supply have been up 1.15%, buying and selling at $64.31. Oil costs additionally pushed increased after Brussels introduced plans for alleviating the prevailing journey restrictions for vaccinated vacationers over the upcoming summer time season.

The rally throughout US fairness markets supported crude costs, as a weaker greenback made commodities priced in the foreign money extra enticing for traders.

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“It’s a good-news/bad-news scenario on the demand front, with various re-openings offsetting surging cases elsewhere,” John Kilduff, a companion at Again Capital LLC advised Bloomberg, including that costs “would be considerably higher if it wasn’t for what’s going on in India and the drag that represents on the market.”

On Monday, India reported greater than 300,000 new Covid-19 cases for the 12th day in row. So far, the brand new wave of the coronavirus pandemic has evoked a big drop in gas gross sales for the world’s third-largest client.

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