Oil settles higher as global production declines outweigh pandemic-related demand concerns

Oil futures gave up earlier losses to settle higher Monday, buoyed by declines in global crude production even as the potential for a fresh hit to energy demand climbed on the back of apparent global increases in new cases of coronavirus.

“Traders in general seem to see upside risk from lower production and downside risk from the virus impact on the economy, and high stocks of crude close to parity,” said James Williams, energy economist at WTRG Economics

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Source: MarketWatch