Oil mixed on tighter supply, surge in U.S. virus cases – ZAWYA

Oil mixed on tighter supply, surge in U.S. virus cases – ZAWYA

Oil mixed on tighter supply, surge in U.S. virus cases | ZAWYA MENA Edition HomeMarketsCommoditiesArticleOil mixed on tighter supply, surge in U.S. virus cases Brent crude was up 73 cents, or 1.7%, to $43.53 per barrel    An oil rig south of town extracts crude on July 21, 2008 in Taft, California. Hemmed in by the richest oil fields in California. Image used for illustrative purpose.LONDON- Oil prices were mixed on Monday, with Brent crude edging higher, supported by tighter supplies and positive economic data, while U.S. benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb fuel demand in the United States.Brent crude was up 6 cents, or 0.1%, at $42.86 per barrel by 1340 GMT. U.S. West Texas Intermediate (WTI) crude was down 40 cents, or 1%, at $40.25."We believe that oil market participants are focusing on the current demand trends but are still ignoring the long-term implications of the corona pandemic," Commerzbank analyst Eugen Weinberg said.Brent crude was up 6 cents, or 0.1%, at $42.86 per barrel by 1340 GMT. U.S. West Texas Intermediate (WTI) crude was down 40 cents, or 1%, at $40.25.LONDON- Oil prices were mixed on Monday, with Brent crude edging higher,