Oil Recovers With Stronger U.S. Equities But Demand Woes Linger
- U.S. stocks advanced to highest since February, boosting crude
- Global virus cases near 15 million, weighing on demand outlook
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Oil edged up with support from U.S. equities, but pandemic-driven demand concerns capped the price rebound.
Crude futures in New York managed to close 0.5% higher on Monday, boosted by a stronger equity market. Still, the coronavirus is raging around the globe -- infections flared by a record in Hong Kong, Los Angeles is on the brink of another stay-at-home order and the new rate of people testing positive for the first time in Florida climbed to nearly 15%.