Encouraging Chinese data lifts the market, even as global demand struggles to return to pre-Covid levels
Oil rose on Monday, with Brent touching the highest in five months, underpinned by a 30% cut in Abu Dhabi crude supplies and encouraging Chinese data even as global demand struggles to return to pre-Covid levels in a well supplied market.
Brent is set to close out August with a fifth successive monthly price rise while WTI is on track for a fourth monthly gain, having hit a five-month high of $43.78 a barrel on August 26 when Hurricane Laura struck. “With demand gradually recovering, this will allow the market to better absorb the inventory glut from earlier this year,” OCBC’s economist Howie Lee said.
A weak dollar and a survey on Monday showing surprisingly strength in China’s services sector supported oil prices even though fuel demand has struggled to recover amid the coronavirus pandemic and supplies remain ample, analysts say, cautioning that hurdles lie ahead for crude.
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