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Oil Posts Fourth Monthly Gain as Steady Demand Eases Virus Fears

  • Global supplies still in deficit through the end of the year
  • Traders seeing positive consumption signals from mobility data
Oil’s Rise Above $40 Comes as Demand Recovers, Shale Reawakens
Photographer: Luke Sharrett/Bloomberg
Updated on

Oil posted its fourth straight monthly gain as steady demand and tight supplies calmed concerns that a new wave of Covid-19 infections would cripple energy consumption.

Futures in New York ended the week 2.6% higher. While cases of the virus’s delta variant have surged in recent weeks, mobility and other data point to strong demand in key economies that traders are watching. India posted the biggest gain in driving activity after restrictions were rolled back.