Oil prices rose about 2% yesterday on positive economic data from Europe, Asia and the United States, but rising Covid-19 cases globally and oversupply worries fuelled by the prospect of Opec and its allies easing output cuts limited gains.
US manufacturing activity accelerated to its highest level in nearly 1½ years in July as orders increased despite a resurgence in new Covid-19 infections, a survey from the Institute for Supply Management said. "I think that has really given crude some underlying strength, that the industrial sector is picking back up and that portends well for demand going forward," said John Kilduff, partner at Again Capital LLC in New York.
The prospect of oversupply also weighed on oil prices as the Organization of the Petroleum Exporting Countries and its allies, including Russia, prepare to ease oil supply cuts while US shale production begins to increase.
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