Tighter supplies and expected positive data boost oil despite Covid-19 surge in US

London — Oil prices rose on Monday, supported by tighter supplies and a string of data expected to show global economic recovery and despite a spike in coronavirus cases in the US and other countries.

“The market appears to be shrugging off the surge in Covid-19 cases in the US,” ING said, adding that data for several cities in affected states did not show a significant reduction in road traffic week on week.In China, the economy is recovering while its capital markets are attracting money, setting the scene for a healthy bull market, the official China Securities Journal said in an editorial on Monday.

The implied volatility for Brent crude has dropped to its lowest level since prices started collapsing in March as markets remain focused on tightening supplies as production by Opec fell to its lowest in decades.

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