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Oil Futures Advance as Signs of Economic Recovery Offset Virus

  • U.S. pending home sales post record gain, topping estimates
  • Virus uptick seen in states with most drivers, such as Texas
oil rig social
Photographer: Brittany Sowacke/Bloomberg
Updated on

Oil rebounded from a weekly loss as better-than-estimated economic data countered fears that Covid-19’s resurgence will crimp fuel demand.

Futures in New York and London closed higher after declining for two out of the last three weeks. Prices followed equities higher as U.S. pending home sales posted a record gain, signaling that America’s economic recovery is underway. Yet the outlook remains uncertain.