Crude oil futures ended higher on Monday, rebounding from early weakness, as prices moved higher amid expectations of a drop in global crude supply.
However, concerns about outlook for energy demand amid rising coronavirus cases in several countries.
West Texas Intermediate Crude oil futures for May ended higher by $0.25 or about 0.4% at $63.38 a barrel.
According to reports, Libya has halted output at some of its oil fields. A report from Reuters said National Oil Corp. has declared force majeure on exports from the port of Hariga.
A weak dollar also contributed to oil’s uptick. The dollar index dropped to 91.03, losing about 0.6%.
In coronavirus news, a report from Johns Hopkins University says the overall global Covid-19 caseload has topped 141.1 million.
The U.S. is the worst-hit country with the world’s highest number of cases, and India follows in the second place. Hong Kong said on Sunday that it will suspend flights from India, Pakistan and the Philippines from Tuesday due to imported coronavirus infections.
The material has been provided by InstaForex Company – www.instaforex.com