Investors bet on rising vaccination rates to help offset impact on demand
The Vopak oil storage terminal in Johor, Malaysia. Picture: REUTERS/HENNING GLOYSTEIN
Brent crude futures climbed 13c, or 0.2%, to $74.63 a barrel at 1.28am GMT, extending a 0.5% gain on Monday.Benchmark prices rose even after the US issued travel warnings to Spain and Portugal due to rising Covid-19 cases and a White House official said wider travel curbs will not be lifted due to the highly infectious Delta variant and rising domestic infections.
Global oil markets are expected to remain in deficit despite a decision by oil cartel Opec and its allies, collectively known as Opec+, to raise production through the rest of the year. “Investors are also encouraged by the continued restraint by US shale oil producers. So far they have maintained discipline, with a focus on returns rather than growth,” ANZ Research analysts said in a note.
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