Oil Pares Gains With Demand Uncertainty Holding Rally Back
- WTI closes little changed after rising as much as 2.4% Monday
- Crude has been trapped around $60 a barrel since mid-March
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Oil pared gains with prices struggling to break out of its recent trading range as the market considers the jagged outlook for global fuel consumption.
Futures in New York closed 0.6% higher on Monday after rising as much as 2.4% during the session. An uneven consumption outlook continues to hold oil prices back from rallying significantly past $60 a barrel. Even as fuel demand strengthens in countries like India and the U.S., it is far from a steady recovery worldwide as Covid-19 infections surge and lockdowns are renewed in parts of the Middle East and Europe.