LONDON (Reuters) – Oil prices advanced on Monday, optimistic about the recovery of the US economy amid accelerated vaccination, but the increase in numbers of Covid-19 cases in other parts of the world limited the gains and caused prices to be traded within a limited range.
Brent oil was up $ 0.8, or 1.27%, to $ 63.75 a barrel at 8:08 am (GMT). United States oil advanced $ 0.68, or 1.15%, to $ 60 a barrel.
Prices have remained in the same range for the past three weeks, with Brent between $ 60 and $ 65 per barrel and WTI between $ 57 and $ 62.
“Oil prices are entering a consolidation phase after more wild variations in the past month,” said Stephen Brennock, of the PVM oil broker.
“While there are still several reasons to be bullish, market players have become more cautious as infections have risen in Europe, India and other emerging markets, while vaccination has progressed more slowly than previously anticipated.”
India now accounts for one in six new infections worldwide, and cases are also rising in other parts of Asia.
