Oil Rises With Growing Reopening Efforts Offsetting Virus Surge
- EU plans quarantine-free travel for vaccinated visitors
- WTI rose 1.4% as broader markets rallied and the dollar fell
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Oil climbed as optimism over progress in reopening some of the world’s largest economies outweighed deepening coronavirus risks elsewhere.
Futures rose 1.4% in New York after flipping between gains and losses earlier Monday. A European Union plan to ease restrictions for vaccinated travelers over the summer travel season is boosting sentiment. In the U.S., most capacity restrictions will be lifted in states around the New York region starting later this month. The U.S. dollar also weakened, making commodities priced in the currency more attractive.