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Bloomberg
Oil traded near $63 a barrel in London as traders awaited weekly US inventory data for the latest steer on the demand recovery.
Brent futures climbed 1%, swinging between gains and losses. Attention will shift later to US inventories, after an industry report showed a decline in crude stockpiles but a gain in gasoline holdings. The government data will offer clues on the health of American consumption after the world’s largest economy posted a string of positive economic figures.
While crude has been volatile in recent weeks, it has also been largely stuck between $60 and $65. Sharp intraday swings have followed reports of increased demand but also fresh lockdowns, especially in Europe.
On the supply side, the Organization of Petroleum Exporting Countries and its allies last week agreed to ease their cuts, betting that the market can absorb the extra output.