Oil Steadies With Demand in Focus After Worst Week in 5 Months
- U.S. stimulus package optimism offsets lockdowns in Europe
- WTI inches up on Monday for second straight daily gain
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Oil edged higher on Monday as investors looked past the uneven demand recovery around the world following crude’s worst weekly plunge since October.
Futures in New York eked out a second straight daily increase after flipping between gains and losses during the session. Oil’s demand recovery is facing a spate of near-term setbacks, particularly in Europe, including extended or reimposed lockdowns in Germany, Italy and France. In the U.S., New York City’s mayor urged the broader state to follow New Jersey’s move in pausing its reopening.